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For Max Hernández, a winemaker and former fashion entrepreneur, and his wife, retired actress Silvia Hernández, the desire to be near Madrid but not part of the bustle meant rethinking the buildings and grounds of a centuries-old mill some 30-minutes outside the city.
The couple turned the water mill, which used to grind grain, into a 6,200-square-foot, four-bedroom mansion on nearly 7 lush acres, with a pool, custom greenhouse, a garden and a private forest. A guesthouse, fashioned out of a wood shed, has an additional... | A Fashionable Couple Remakes Madrid Mill into Mansion | [
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May 7 (Reuters) - ICICI Bank Ltd, India’s third-largest lender by assets, posted a near 50 percent drop in its fourth-quarter net profit as its provisions for bad loans surged.
Net profit for the three months to March 31 fell to 10.20 billion rupees ($151.94 million) from 20.25 billion rupees a year earlier, the bank said in a statement here on Monday.
Twelve analysts on average had expected the company to post a net profit of 10.77 billion rupees, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans was 8.84 percent at the end of March, compared with 7.82 percent at the end of the previous quarter and 7.89 percent a year earlier. ($1 = 67.1300 Indian rupees) (Reporting by Vishal Sridhar in Bengaluru)
Our | India's ICICI Bank Q4 profit dives 50 pct, bad loan provisions surge | [
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In a year marked by a significant milestone for rising interest rates (the 10-year Treasury note yield topping 3 percent), an unusual winner has begun to emerge in the stock market: utility stocks.
This sector is usually among the most vulnerable to rising rates, which make the companies' large dividend yields less attractive to the regular investors.
But not this year.
After gains in April, utility stocks are up 2.4 percent the last three months, the only major market sector in the green over that period. The S&P 500 has lost nearly 7 percent over that time span
As rising rates and tariff talk threatened large multinationals and caused a stock market correction beginning in February, some investors have turned to domestically oriented utilities with steady cash flow as a potential safe haven. Others have pointed to the valuation risk associated with major technology firms, and the FANG stocks in particular, as rates rise and a reason to hone in on utilities for the rest of an uneasy 2018 likely ahead.
"The group trades at a 20 percent discount to the broad tape and is approximately 20 percent less volatile," said Mike O'Rourke, chief market strategist at JonesTrading.
Financial advisors have rarely rushed towards recommending utilities stocks to clients given the average returns. In fact, over the past two years, while the S&P 500 has jumped nearly 30 percent, the utilities sector has gained only 6.5 percent — besting only the consumer staples and real estate sectors during that time. Even going back just to the start of the year, the sector has lagged the broader market, down 2% while the S&P 500 is trading fractionally in positive territory.
Of the 28 members of the S&P 500 Utilities sector, big names like PG&E Corp and Edison International have surged 10 percent and 6 percent, respectively, over the last three months. NRG Energy , meanwhile, has soared 17 percent – making it the tenth best performing stock in the entire S&P 500 during that time frame. The Utilities Select SPDR Fund is among the more popular exchange-traded funds to play the sector.
"Why shouldn't we look at strong dividend players, levered to the economy, in sound and important businesses that pay above market rate yields?" said Art Hogan, chief market strategist at B. Riley FBR.
Not all analysts though, are buying the sector's story, noting the rising interest rates could soon sink many of the outperforming utility names. Richard Saperstein, chief investment officer at HighTower Treasury Partners, told CNBC that his firm has zero exposure to the sector.
"The benefits of tax reform, global synchronized growth, [and] employment gains will extend the life of our economic expansion and eventually lead to inflation and higher interest rates. Utilities are interest sensitive. Avoid," Saperstein said.
Generally speaking, investors don't expect to see massive price appreciation for utilities stocks, but, even in a rising rate environment, the sector is catching more eyes than in years' past. | An unlikely winner is emerging in the stock market: utility stocks | [
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GM, Tesla shares rise after China says it will cut tariffs on car parts and vehicles Fred Imbert Reblog The Chinese Finance Ministry says tariffs on certain vehicles will come down to 15 percent from as much as 25 percent while levies on some parts will be brought down to 6 percent. Shares of Ford, General Motors and Tesla all rose on the news. China is a big market for these automakers. | GM, Tesla shares rise after China says it will cut tariffs on car parts and vehicles | [
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KUALA LUMPUR, Malaysia, May 23, 2018 /PRNewswire/ -- Frost & Sullivan today named top Malaysian firms to be honored at the 14 th annual Malaysia Excellence Awards banquet, which will be held at the Hilton Kuala Lumpur on 26 th June 2018.
Mr. Hazmi Yusof, Senior Vice President and Malaysia Managing Director at Frost & Sullivan said that the award recipients have demonstrated exemplary achievements in the local market. Frost & Sullivan's intent is to help drive innovation, excellence and a positive change in the local economy by recognizing best-in-class products, companies and individuals, he added.
Celcom, DHL Express, KDEB Waste Management, Mah Sing Group, Pos Malaysia and U Mobile were amongst companies honored.
The Malaysia Excellence Awards aims to recognize Malaysian companies for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research in order to identify best practices in the industry.
The findings of the detailed evaluation are then presented to a panel of independent judges comprising influential personalities and leaders in Malaysia, to decide the recipient for the ICT categories. For more information, please visit www.malaysia-awards.com
Frost & Sullivan congratulates all the 2018 Malaysia Excellence award recipients, listed below in alphabetical order.
Award Title
Award Recipient
2018 Malaysia Unmanned Aerial Vehicle (UAV) Services Company of the Year
Aerodyne Group
2018 Malaysia Fertility Centre of the Year
Alpha Fertility Centre
2018 Malaysia Excellence Award in Customer Experience - Telecommunications Industry Malaysia - In Store Experience
Celcom Axiata Berhad
2018 Malaysia Excellence Award in Customer Experience - Telecommunications Industry Malaysia - Contact Center Experience
Celcom Axiata Berhad
2018 Malaysia Home Water Filter Growth Excellence Leadership Award
Cuckoo International (MAL) Sdn Bhd
2018 Malaysia E-Commerce Service Provider of the Year
DHL Express (Malaysia) Sdn Bhd
2018 Malaysia Solar Power Company Of the Year
Ditrolic Sdn Bhd
2018 Malaysia Food Ingredients Company of the Year
Ecolex Sdn Bhd
2018 Malaysia Express Service Provider of the Year - Private Sector
GD Express Sdn Bhd
2018 Malaysia IT Infrastructure Services Competitive Strategy, Innovation and Leadership Award
Heitech Padu Berhad
2018 Malaysia Payment Gateway Provider of the Year
iPay88 (M) Sdn Bhd
2018 Malaysia Smart Waste Solutions Company of the Year
KDEB Waste Management Sdn Bhd
2018 Malaysia Property Development Company of the Year
Mah Sing Group
2018 Malaysia Unmanned Aerial Vehicle (UAV) Services Entrepreneurial Company of the Year
OFO Tech
2018 Malaysia Aesthetic Medicine Growth Excellence Leadership Award
One Doc Medical Centre
2018 Malaysia Smart Building Solutions Company of the Year
Optergy
2018 Malaysia Express Service Provider of the Year
Pos Malaysia
2018 Malaysia Project Logistics Service Provider of the Year
Pos Malaysia
2018 Malaysia Warehouse Service Provider of the Year
Tiong Nam Logistics Solutions Sdn Bhd
2018 Malaysia Cloud Service Provider of the Year
TM One
2018 Malaysia Telecom Service Provider of the Year
TM One
2018 Malaysia Data Centre Service Provider of the Year
TM One
2018 Malaysia Smart City Service Provider of the Year
TM One
2018 Malaysia Mobile Data Service Provider of the Year
U Mobile
2018 Malaysia Excellence Award in Customer Experience - Telecommunications Industry Malaysia - Overall Experience
U Mobile
2018 Malaysia Excellence Award in Customer Experience - Telecommunications Industry Malaysia - Online Experience
U Mobile
2018 Malaysia Excellence Award in Customer Experience - Telecommunications Industry Malaysia - Mobile Experience
U Mobile
2018 Malaysia Facilities Management Company of the Year
UEM Edgenta Berhad
2018 Malaysia Organic Food Customer Value Leadership Award
Zenxin Agri-Organic Food Sdn Bhd
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies? Contact Us: Start the discussion
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Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/frost--sullivan-to-recognize-top-malaysian-companies-at-the-14th-annual-malaysia-excellence-awards-300653343.html
SOURCE Frost & Sullivan | Frost & Sullivan to Recognize Top Malaysian Companies at the 14th Annual Malaysia Excellence Awards | [
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May 3, 2018 / 12:04 PM / Updated 2 hours ago South Africa miners reach 5 billion rand silicosis settlement with mining companies Ed Stoddard , Patricia Aruo 4 Min Read
JOHANNESBURG (Reuters) - South African gold producers agreed a 5 billion rand (294.39 million pounds) class action settlement on Thursday with law firms representing thousands of miners who contracted the fatal lung diseases silicosis and tuberculosis, officials said on Thursday. FILE PHOTO: Former gold miner Senzele Silewise, 81, diagnosed with silicosis, talks to paralegals in Bizana in South Africa's impoverished Eastern Cape province March 7, 2012. REUTERS/Mike Hutchings/File Photo
The most far-reaching class action settlement ever reached in South Africa follows a long legal battle by miners to win compensation for illnesses they say they contracted over decades because of negligence in health and safety.
The six companies involved had already set aside the settlement amount in provisions in previous financial statements and it should not affect future earnings, unless the number of claimants who come forward exceed the current provisions.
Estimates for the number of potential claimants range from tens of thousands to hundreds of thousands. Three smaller gold producers are not party to the settlement and the class action against them will continue.
The class action suit was launched six years ago on behalf of miners suffering from silicosis, an incurable disease caused by inhaling silica dust from gold-bearing rocks.
It causes shortness of breath, a persistent cough and chest pains, and also makes people highly susceptible to tuberculosis.
Almost all the claimants are black miners from South Africa and neighbouring countries such as Lesotho, whom critics say were not provided with adequate protection during and after apartheid rule ended in 1994. FILE PHOTO: Former gold miner Dabula Mnyaka scans a notice board before a registration meeting in Bizana in South Africa's impoverished Eastern Cape province March 7, 2012. REUTERS/Mike Hutchings/File Photo
The settlement is broken into three parts and a trust will have 12 years to track down the claimants and distribute the funds - no easy task as many are in remote rural areas and may do not have proper medical and other records.
Out of the 5 billion rand, 845 million rand will be used to cover the administration expenses of the trust over the 12 years and 370 million rand will be paid to the law firms.
The remainder is for compensation and the final total will depend on the number of claims that are processed.
“If there are more claimants the actuaries have estimated, then that five billion number could increase. If there are less then it will decrease,” Graham Briggs, who chaired the Occupational Lung Disease Working Group, a unit put together by the six companies, told a news conference.
In addition to the anticipated settlement payout, there is also close to 4 billion rand in a compensation fund which companies have been contributing to for years. FILE PHOTO: Former gold miner Thulani Bitsha, 39, who contracted silicosis while working underground, stands in the doorway to his home near Bizana in South Africa's impoverished Eastern Cape province, March 7, 2012. REUTERS/Mike Hutchings/File Photo
The companies involved are Harmony Gold, Gold Fields, African Rainbow Minerals, Sibanye-Stillwater, AngloGold Ashanti and Anglo American South Africa. The latter no longer has gold assets but historically was a bullion producer. SAME BALL PARK
“Our numbers differ slightly from the industry, we think there are more claimants and that the numbers will be higher than what they anticipate. While we differ slightly with the industry we think it’s all in the same ball park,” said Richard Spoor, one of the lawyers representing the mine workers.
It is the first class-action settlement in South Africa involving so many companies and claimants.
“The settlement is the product of commercial negotiation and compromise, but we believe this is a beneficial settlement,” said Carina du Toit, a lawyer with the Legal Resources Centre, one of the law groups representing the workers.
Abrahams Kiewitz Inc and Richard Spoor Attorneys and two other companies also represented the mine workers.
The parties said the compromise settlement was preferable for all concerned rather than a lengthy and expensive litigation process, and would enable the claimants to receive compensation and relief for their conditions more quickly.
The settlement still needs approval by the Johannesburg High Court before being implemented.
In recent years the gold mining industry has taken precautions to prevent its workers from contracting silicosis, including the use of masks and other measures. Editing by James Macharia and Richard Balmforth | South Africa gold producers, gold miners reach silicosis settlement | [
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May 9 (Reuters) - Profound Medical Corp:
* PROFOUND MEDICAL CORP. ANNOUNCES CHINESE FOOD AND DRUG ADMINISTRATION APPROVAL FOR SONALLEVE®
* PROFOUND MEDICAL - CHINESE FOOD AND DRUG ADMINISTRATION APPROVED SONALLEVE FOR NON-INVASIVE TREATMENT OF UTERINE FIBROIDS Source text for Eikon: Further company coverage:
| BRIEF-Profound Medical Corp. Announces Chinese Food And Drug Administration Approval For Sonalleve | [
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May 9, 2018 / 1:18 AM / Updated 37 minutes ago South Korea Jin Air shares slide after report of potential cancellation Joyce Lee 2 Min Read
SEOUL (Reuters) - Shares in South Korea’s budget carrier Jin Air Co Ltd ( 272450.KS ) tumbled as much as 9 percent to a six-week low on Wednesday after a South Korean TV channel reported the transport ministry is considering cancelling the airline’s license. Cho Hyun-min, a former Korean Air senior executive and the younger daughter of the airline's chairman Cho Yang-ho, arrives at a police station in Seoul, South Korea, May 1, 2018. REUTERS/Kim Hong-Ji
The ministry internally discussed last week whether to cancel Jin Air’s license after discovering Cho Hyun-min, the daughter of the chairman of Jin Air parent Hanjin Group, had been a registered board member of the airline despite being a U.S. citizen, violating South Korean transport law, TV channel KBS reported late Tuesday citing unnamed sources.
Cho, also a former executive at affiliate Korean Air ( 003490.KS ), is under investigation by police for suspected assault after she allegedly threw water at an attendee of a business meeting.
The tantrum by the heiress reignited public anger at the behavior of the rich and powerful, and sparked probes into her family and their businesses by South Korea’s customs agency and transport ministry.
Cho and her older sister Heather Cho, who made headlines around the world in 2014 when she lost her temper over the way she was served nuts on a Korean Air flight, have stepped down from all positions in Jin Air and affiliate Korean Air ( 003490.KS ).
A transport ministry official could not be immediately reached for comment.
A spokeswoman for Jin Air said the company is cooperating with the ministry’s investigation and declined further comment.
Jin Air shares were down 3.9 percent, compared to flat wider market .KS11 as of 0114 GMT. Reporting by Joyce Lee; Additional reporting by Dahee Kim; Editing by Edwina Gibbs and Stephen Coates | South Korea Jin Air shares slide after report of potential licence cancellation | [
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Calling off the summit was part of the negotiations: Portfolio manager 2 Hours Ago Andrew Slimmon of Morgan Stanley and Steve Chiavarone of Federated discuss the best places for investors to put their money despite political volatility. | Calling off the summit was part of the negotiations: Portfolio manager | [
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(Reuters Health) - Although smoking has long been associated with being thin, a recent genetic study suggests that a tendency to have excess body fat, especially around the waist, is also tied to a person’s odds of being a smoker.
FILE PHOTO: A woman lights a cigarette in this illustration picture taken in Paris, October 8, 2014. . REUTERS/Christian Hartmann The findings might indicate that extra body fat influences the likelihood of taking up smoking and how heavily a person smokes, or that the urges to overeat and to smoke may share some genetic origins, the authors note in The BMJ.
“These results highlight the role of obesity in influencing smoking initiation and cessation, which could have implications for public health interventions aiming to reduce the prevalence of these important risk factors,” writes the study team, led by Robert Carreras-Torres at the International Agency for Research on Cancer in Lyon, France.
The authors did not respond to a request for comments.
The researchers analyzed data from the UK Biobank and the TAG Consortium on more than 450,000 people of European descent. These databases contain genetic, medical and lifestyle information for their volunteer participants.
Past studies, the authors note, have already linked genetic variations known as SNPs to both obesity and smoking, suggesting that particular SNPs increase a person’s vulnerability to both forms of “addictive behavior” - overeating and smoking. It’s not clear, however, if people who smoke stay thinner because smoking curbs appetite, or even if smokers really do stay thin.
To avoid the confusing influence of smoking’s effect on appetite, the researchers didn’t just look at participants’ actual body mass and other body fat measurements. They also created a genetic profile of predicted body traits based on a person’s SNPs. Using both real measurements and this genetic profile, the team then analyzed each person’s smoking history.
For actual body mass index (BMI), a measure of weight relative to height, the researchers found that every additional 4.6 kilograms/meter squared was associated with a 5 percent lower risk of being a current smoker but also a 12 percent higher risk of ever having been a smoker, compared to never-smokers.
The same real-BMI increment was also linked to a smoking-intensity increase of 1.75 cigarettes per day for current and former smokers combined.
When researchers looked at the genetic body fat profile, however, they found that each incremental increase in projected BMI based on SNPs was linked to 24 percent higher odds of being a current smoker and an 18 percent increase in odds of being a former smoker.
Projected increases in waist circumference and body fat percentage based on genetic profile were similarly linked with increases in the odds of ever having smoked and increased smoking intensity.
Genetic body type was not linked with odds of smoking cessation, though. This detail and others lead the authors to suggest that rather than genetic predisposition to addictive behavior, excess body fat itself might influence cravings for nicotine.
Whatever the relationship between excess body fat and smoking, interventions to help people avoid these health risks need to take both into account, the authors conclude.
People may be tempted to start smoking to help them lose weight, said Lucy Popova, a researcher at the Georgia State University School of Public Health in Atlanta who wasn’t involved in the research. Smoking decreases appetite because nicotine, the primary addictive chemical in tobacco, activates various receptors in the brain, and some of these receptors are on the nerve cells that regulate appetite and eating behavior, she said.
“Starting smoking in order to lose weight is a really bad idea. On one hand, you might weigh a couple of pounds less, but this weight reduction might come from lean muscles and not fat,” Popova said.
Also, research shows that smokers, while having lower BMI, tend to have more fat around their abdomens than non-smokers, which is worse for health than simply having a high BMI, she said.
“On the other hand, smoking causes cancers, heart diseases, stroke, bad breath, yellow teeth, and all sorts of other negative consequences, including death. Smokers also have a harder time exercising due to the shortness of breath, so this makes losing weight even more difficult,” Popova noted.
SOURCE: bit.ly/2KAirHd The BMJ, online May 16, 2018.
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© 2018 Reuters. All Rights Reserved. | Genetic obesity risk tied to smoking | [
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Firebrand cleric leads in Iraqi election 1:10pm IST - 01:40
Moqtada al-Sadr, a powerful Shi'ite cleric who has led uprisings against the U.S., is winning Iraq's election, the electoral commission said on Monday.
Moqtada al-Sadr, a powerful Shi'ite cleric who has led uprisings against the U.S., is winning Iraq's election, the electoral commission said on Monday. //reut.rs/2L13kaW | Firebrand cleric leads in Iraqi election | [
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May 3, 2018 / 4:14 PM / Updated 5 minutes ago Bayer to sell further Covestro stake for 2.2 billion euros Reuters Staff 2 Min Pharmaceutical group Bayer ( BAYGn.DE ) is selling a further stake in plastics company Covestro ( 1COV.DE ), placing a holding of around 14.2 percent via an accelerated bookbuilding process. FILE PHOTO: The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo
Covestro was spun off from Bayer in 2015 and Bayer said this latest sale marks the start of the full separation from its former unit.
Bayer, which is buying seed maker Monsanto ( MON.N ), raised 1.8 billion euros (1.6 billion pounds) in January from selling a 10.4 percent stake in Covestro.
The latest sale of around 29 million shares to institutional investors was set to generate proceeds of about 2.2 billion euros, Bayer said.
Bayer said that, after the sale, it would hold just under 7 percent of Covestro shares which it acquired from Bayer Pension Trust. These would be used to repay an exchangeable bond issued in 2017 that matures in 2020, Bayer said.
BofA Merrill Lynch and J.P. Morgan are acting as joint bookrunners. They said the shares would be placed at a price range of 75.26 to market.
Covestro shares closed at 76.48 euros on Thursday, while Bayer shares closed at 99.97 euros. Reporting by Victoria Bryan; Editing by Alexandra Hudson and Edmund Blair | Bayer to sell further Covestro stake for 2.2 billion euros | [
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May 9, 2018 / 1:12 PM / in 11 minutes BRIEF-Microvision - Entered Into License Agreement To Allow Licensee To Use Co's Display Technology Reuters Staff 1 Min Read
May 9 (Reuters) - MicroVision Inc:
* MICROVISION - ENTERED INTO LICENSE AGREEMENT TO ALLOW LICENSEE TO USE CO’S DISPLAY TECHNOLOGY TO MANUFACTURE & SELL DISPLAY-ONLY ENGINES
* MICROVISION INC - THE LICENSEE HAS AGREED TO PAY MICROVISION A LICENSE FEE OF $10 MILLION IN 2018
* MICROVISION - AGREEMENT GRANTS A EXCLUSIVE, FIVE-YEAR LICENSE TO DISPLAY-ONLY TECHNOLOGY Source text for Eikon: Further company coverage: ([email protected]) | BRIEF-Microvision - Entered Into License Agreement To Allow Licensee To Use Co's Display Technology | [
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(Reuters Health) - Wearing a seatbelt may not prevent liver injuries in a car crash, but it could lessen their severity and make a major difference in the accident’s consequences and costs, researchers say.
Among more than 50,000 people with liver injuries as a result of a car crash, those with severe liver injuries were twice as likely to die as those with mild or moderate liver injuries, researchers found.
They also found that people who were wearing seatbelts were much less likely to have a severe liver injury. The risk dropped a bit more when seatbelts and airbags were both used, but airbags alone did not affect injury severity.
“It has been known for some time that seatbelt use is associated with lower mortality in a car crash,” said lead author Audrey Renson of NYU Langone Hospital-Brooklyn in New York City.
“Although some may consider this common sense, there is still some controversy lingering around seatbelts possibly being harmful and that having an airbag means you don’t have to wear a seatbelt,” she said in an email.
Each year in the U.S., motor vehicle crashes result in 2 million emergency room visits, tens of thousands of deaths and a huge financial burden to the healthcare system of nearly $1 trillion dollars, the study team writes in the Journal of Epidemiology and Community Health.
Blunt abdominal trauma specifically accounts for a significant number of injuries in these accidents, they add.
The two most commonly injured organs after such a collision are the liver and spleen, said Dr. Eileen Metzger Bulger, chair of the American College of Surgeons Committee on Trauma and chief of trauma at Harborview Medical Center in Seattle, who was not involved in the study.
“Both can cause severe bleeding, but the spleen can be removed if needed during surgery, which controls the bleeding. The liver (however) is critical for life and cannot be removed,” Bulger said by email.
Renson’s team analyzed data from the National Trauma Data Bank for 2010 through 2015 on patients 18 years and older who were in a vehicle crash, excluding motorcycles, and were either admitted to the hospital or died on arrival or en route.
The researchers classified liver injuries as low-grade or severe. Low-grade injuries included blood clots or shallow lacerations and others that rarely require surgery. Severe injuries included ruptured clots with uncontrolled bleeding, deep lacerations and other kinds of wounds that need immediate repair.
Overall, 51,202 injury cases included enough data to calculate an injury severity score, the researchers note. Fifteen percent of patients had liver injuries in the severe category, and 15 percent of those patients died. Among patients with mild or moderate liver injuries, nearly 8 percent died.
About 14 percent of patients with severe injuries required surgery and 21 percent had some kind of complication, versus 5 percent and 15 percent, respectively, of those with less severe liver injuries.
Seatbelt-wearing patients were 21 percent less likely to suffer a severe liver injury, and those protected by both a seatbelt and airbag were 26 percent less likely.
Seatbelts and airbags appear to work together, Renson said, and the effect of one is dependent on the other.
“Trauma can result in a number of serious complications during the period surrounding the trauma, including bile leakage or obstruction of bile flow, abscess formation, bleeding without the ability to appropriately clot blood and an inability to filter metabolites resulting in jaundice,” noted the study’s senior author, Dr. Marc Bjurlin, a surgeon at NYU Langone Hospital-Brooklyn.
While the results of the study might seem obvious, the findings reinforce the importance of wearing a seatbelt at all times, he said.
SOURCE: bit.ly/2IbJs6w Journal of Epidemiology and Community Health, online March 29, 2018.
| Seatbelts may protect against severe liver injury in car crashes | [
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MOSCOW, May 23 (Reuters) - Shares in Russian car maker GAZ rose in early trade on Wednesday after Washington gave American customers more time to comply with sanctions against the Russian company.
At the market opening, shares in GAZ briefly rose to 428 roubles ($6.96) per piece, their highest since May 3. As of 0707 GMT, GAZ shares were up 2.9 percent, outperforming the broader MOEX stock index, which inched 0.5 percent lower. ($1 = 61.4800 roubles) (Reporting by Andrey Ostroukh; Writing by Polina Ivanova; Editing by Andrey Ostroukh)
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May 3 (Reuters) - STADA Arzneimittel AG:
* DGAP-NEWS: STADA ARZNEIMITTEL AG: STADA WITH SOLID BUSINESS DEVELOPMENT IN THE FIRST QUARTER OF 2018
* SIGNIFICANT MARGIN IMPROVEMENT IN BOTH SEGMENTS * Q1 REPORTED GROUP SALES DECLINED BY 1 PERCENT TO EUR558.1 MILLION
* GROUP SALES ADJUSTED FOR PORTFOLIO AND CURRENCY EFFECTS INCREASED BY 4 PERCENT TO EUR573.4 MILLION
* REPORTED EBITDA INCREASED BY 9 PERCENT TO EUR118.6 MILLION IN Q1
* ADJUSTED EBITDA GREW BY 9 PERCENT TO EUR118.4 MILLION * REPORTED NET INCOME INCREASED BY 15 PERCENT TO EUR56.7 MILLION
* ADJUSTED NET INCOME GREW BY 14 PERCENT TO EUR60.9 MILLION.
* ON TRACK TO MEET GROWTH TARGETS WE HAVE SET FOR 2018
Our | STADA Says On Track To Meet Targets After Q1 Results | [
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May 3, 2018 / 6:28 AM / Updated 5 minutes ago U.N. chief warns against scrapping Iran nuclear deal Reuters Staff 2 Min Read
LONDON (Reuters) - United Nations Secretary-General Antonio Guterres warned on Thursday against scrapping an international deal on Iran’s nuclear programme unless there was a good alternative in place. United Nations Secretary General Antonio Guterres addresses a High-Level Meeting on Peacebuilding and Sustaining Peace at United Nations headquarters in New York City, New York, U.S., April 24, 2018. REUTERS/Mike Segar
U.S. President Donald Trump has been threatening to pull out of the agreement, leading to diplomatic tensions with Iran as well as with U.S. allies keen to preserve the agreement.
“If one day there is a better agreement to replace it it’s fine, but we should not scrap it unless we have a good alternative,” Guterres said in an interview with BBC Radio 4.
“I believe the JCPOA (the Iran nuclear deal) was an important diplomatic victory and I think it will be important to preserve it but I also believe there are areas in which it will be very important to have a meaningful dialogue because I see the region in a very dangerous position,” he said.
“I understand the concerns of some countries in relation to the Iranian influence in other countries of the region. So I think we should separate things.” Reporting by Estelle Shirbon; editing by Guy Faulconbridge | U.N. chief warns against scrapping Iran nuclear deal | [
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May 21 (Reuters) - RealPage Inc:
* REALPAGE INC FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING Source text: ( bit.ly/2GADqaB ) Further company coverage:
| BRIEF-RealPage Files For Potential Mixed Shelf Offering | [
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May 17, 2018 / 8:11 AM / Updated 10 minutes ago May says Britain will leave customs union, EU warns on Irish border again Tsvetelia Tsolova 5 Min Read
SOFIA (Reuters) - Prime Minister Theresa May said on Thursday Britain would leave the EU customs union after Brexit but a source said London was considering applying the bloc’s external tariffs for a period beyond December 2020. Anti-Brexit demonstrators wave EU and Union flags outside the Houses of Parliament in London, Britain, January 30, 2018. REUTERS/Toby Melville
Asked about reports that London would ask to stay in the European Union’s customs area beyond the end of a post-Brexit transition period in 2020, May denied she was “climbing down” on plans to leave.
“No. The United Kingdom will be leaving the customs union as we’re leaving the European Union. Of course, we will be negotiating future customs arrangements with the European Union and I’ve set three objectives,” May told reporters on the sidelines of an EU summit in the Bulgarian capital Sofia.
She said the objectives were that Britain should have its own trade policy with the rest of the world, should have frictionless trade with the EU and that there be no “hard border” with EU member Ireland.
But the source, familiar with the discussions in London, said aligning Britain with EU import tariffs for an extended period could be part of a backstop arrangement in the event of a delay in the implementation of any Brexit deal.
The source said on condition of anonymity that the government was trying to find a way to make the backstop arrangement with the EU more acceptable to Britain, rather than seeking an extension of a transition period.
May has been struggling to unite her cabinet over the terms of Britain’s divorce with the EU, with a row over future customs arrangement dividing her government and all but stalling Brexit negotiations.
EU leaders meeting May in Sofia on Thursday were “in listening mode” and hoping for reassurances from her, said one official, before a formal summit in June when the sides want to mark another milestone in the negotiations.
That is needed to seal a final divorce deal in October, leaving the EU enough time to ratify it by Brexit day in March 2019.
Britain otherwise risks crashing out of the bloc, a scenario that could hurt the economy and disrupt people’s lives. UNDER PRESSURE
The EU says this schedule is coming under pressure as there has been not enough progress in the negotiations in recent months, most importantly on how to avoid physical controls on the border between the Irish Republic and the British province of Northern Ireland.
“It is an absolute redline for us that there could not be a hard border on Ireland,” Irish Prime Minister Leo Varadkar told reporters in Sofia.
If no better ideas emerge, the bloc wants the backstop clause under which it would go on regulating trade in Northern Ireland after Brexit to prevent a hard border. Both sides fear a return of border controls could reignite the violence that afflicted Northern Ireland until a peace deal in the late 1990s.
“We have a text which is the Irish backstop ... and we need that to be part of the withdrawal agreement. And if it is not part of the withdrawal agreement, then there will be no withdrawal agreement,” Varadkar said.
Under such a scenario, Britain would not be given the adaptation period from next March to the end of 2020, but go straight into being out of the EU with little detail agreed on how to handle its ties with the bloc.
May has said as it stood in March, the EU’s backstop was unacceptable because it would cut off Northern Ireland from the rest of the United Kingdom.
The source said extending the use of EU tariffs was part of discussions to make the backstop arrangement more palatable to Britain, and could be triggered if there were a delay in the ratification of the Brexit deal or if there were problems introducing new technology at the border.
At home, May has to balance the demands of Brexit supporters against those ministers who want to keep the closest possible ties to the EU, and any hint that Britain could stay within the customs union has become a flashpoint.
The EU says that would be the best way to avoid a hard Irish border.
“If we are not making real substantial progress by June then we need to seriously question whether we are going to have a withdrawal agreement at all,” Varadkar said. Related Coverage | May says Britain will leave customs union, EU warns on Irish border again | [
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* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
* World stocks up 0.3 percent on the day
* Dollar index falls to 1-week low
* Oil prices ease from multi-year highs
* South European government debt in demand
By Ritvik Carvalho
LONDON, May 11 (Reuters) - Shares rose worldwide on Friday, getting a boost from soft U.S. inflation numbers that helped soothe worries of faster Fed monetary tightening and pushed the dollar to its lowest for a week.
The MSCI All Country World Index, which tracks shares in 47 countries, was up nearly 0.4 percent and was set for its strongest week since March 9. The dollar fell 0.2 percent against a basket of currencies, erasing this week’s gains in the wake of inflation data released on Thursday.
Oil prices steadied near 3-1/2-year highs as the prospect of new U.S. sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.
The inflation numbers followed employment data last week that pointed to sluggish wage growth.
While the rally in stocks seemed to point to investor relief, analysts were split over whether the slowdown in inflation could lower the chances of the Fed increasing the number of rate hikes it has suggested will take place this year.
Federal Reserve Bank of St. Louis’ President James Bullard will make a speech on Friday, as will European Central Bank President Mario Draghi.
ADS Securities head of research Konstantinos Anthis said the case for two or three further U.S. rate hikes might be decided after the summer. Fed funds futures show a 93-percent chance of one next month.
“The data from the U.S. for the past few months has been supportive so if this trend is to continue there’s plenty of time for the Fed to witness stronger performance again and grow more aggressive,” Anthis said.
The inflation data also flattened the U.S. Treasury yield curve further, with the gap between 5-year and 30-year bonds at its narrowest since 2007. Investors also bought southern European government bonds, taking advantage of a rise in yields on the back of Italian political concerns.
Italian, Spanish and Portuguese 10-year borrowing costs fell 2-3 basis points (bps), outpacing better-rated peers at the end of a week in which the increasing likelihood of an anti-establishment coalition taking power in Italy had hurt the euro zone’s lower-rated debt.
Italian 10-year yields were set for their biggest weekly rise since February.
SHIFTING POLITICAL CONCERNS European stocks, meanwhile, were set to seal their longest winning streak for more than three years as M&A activity stole the spotlight from the tail-end of a robust earnings season.
The pan-European STOXX 600 was flat, but set for its seventh straight week of gains - its longest winning streak since March 2015. Germany’s DAX was down 0.3 percent and Britain’s FTSE 100 was down 0.1 percent. Wall Street was futures indicated a positive start to the session.
Asian markets were cheered by a further easing in tensions on the Korean Peninsula, after U.S. President Donald Trump said he would meet North Korean leader Kim Jong Un in Singapore on June 12 for talks on Pyongyang’s nuclear weapons programme.
MSCI’s broadest index of Asia-Pacific shares outside Japan . rose 0.7 percent to near three-week highs while Japan’s Nikkei climbed 1.2 percent.
With the situation around North Korea off the boil for now, political concerns are focused elsewhere as the United States and China continue skirmishing over trade and as tensions rise in the Middle East.
“Trump still needs President Xi (Jinping) and China’s support in dealing with North Korea and this will be his priority in the short term,” JPMorgan economists wrote in a note to clients.
“Once the meeting is finished, trade may return to the fore.”
U.S. and Chinese officials will meet in Washington for a second round of trade talks next week, after apparently making little progress in discussions in Beijing this month.
In currency markets, the pound traded at $1.3573, rising half a percent above a four-month low of $1.3457 touched on Thursday after the Bank of England held interest rates.
In commodities markets, spot gold rose 0.3 percent to $1,324.66 an ounce.
U.S. crude futures were up 0.2 percent at $71.46 a barrel. Brent crude futures fell 0.1 percent to $77.41 a barrel. (Reporting by Ritvik Carvalho Editing by Louise Ireland)
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May 11 (Reuters) - SunLink Health Systems Inc:
* SUNLINK HEALTH SYSTEMS, INC. ANNOUNCES FISCAL 2018 THIRD QUARTER RESULTS
* Q3 LOSS PER SHARE $0.08 FROM CONTINUING OPERATIONS * Q3 REVENUE $13.42 MILLION Source text for Eikon: Further company coverage: ([email protected])
| BRIEF-Sunlink Health Systems Posts Q3 Loss Of $0.08/Share From Cont Ops | [
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* 10-year, 30-year yields slide to two-week lows * 2-year to 10-year yield curve tightest in two weeks * Fed still seen hiking in June, but pace is gradual * Traders look ahead to next week's debt supply (Recasts, adds analyst comments, updates prices in text, table) By Gertrude Chavez-Dreyfuss NEW YORK, May 4 (Reuters) - U.S. Treasury yields climbed from multi-week lows on Friday, bolstered by gains in the stock market as investors believed a weaker-than-expected jobs report will not deter the Federal Reserve from raising interest rates at the June meeting. Yields on U.S. benchmark 10-year notes and 30-year yields earlier slid to two-week lows after the jobs data, while those on two-year notes fell to a one-week trough. Those gains subsequently reversed. The Labor Department said U.S. non-farm payrolls grew last month by 164,000, lower than market expectations for a rise of 192,000 jobs. Average earnings growth, a closely monitored inflation indicator, grew by just 0.1 percent in April after rising 0.3 percent the previous month. "The data was not great, but I don't think anybody has changed his mind about what the Fed is going to do. The Fed will still continue to hike," said Tom Simons, money market economist at Jefferies in New York. "In the stock market, it looks like it has rejected any weak interpretation of the jobs data and that certainly helps the risk-on tone in the market," he added. Analysts also said investors are also looking ahead to the Treasury's May refunding auctions next week, with $73 billion in debt on offer. On Wednesday, the Treasury department announced a higher supply of debt issue to offset the impact of a Fed that has been winding down its purchases as well as finance a massive fiscal deficit as result of President Donald Trump's tax cut scheme and increased spending program. That should ensure rates will remain higher, analysts said. "Further concessions next week into the auctions, which begin Tuesday, could help at the margin, though higher rates really haven't brought in strong demand for some time now," said Action Economics in its blog. In early afternoon trading, U.S. benchmark 10-year yields rose to 2.951 percent from 2.946 percent late on Thursday. U.S. 30-year bonds increased to 3.126 percent, from Thursday's 3.121 percent. U.S. two-year yields were also up at 2.500 percent, from 2.484 percent on Thursday. The yield curve flattened again after the report, with the spread between U.S. 2-year and 10-year notes contracting to 43.90 basis points, the tightest in two weeks. The spread was last at 44.90 basis points. The flattening yield curve is being driven by doubts among investors that inflation will pick up over the long term. May 4 Friday 1:23PM New York / 1723 GMT Price US T BONDS JUN8 143-16/32 -0-2/32 10YR TNotes JUN8 119-168/256 -0-8/256 Price Current Net Yield % Change (bps) Three-month bills 1.8025 1.8355 0.005 Six-month bills 1.9875 2.0351 0.012 Two-year note 99-194/256 2.5009 0.017 Three-year note 99-70/256 2.6332 0.012 Five-year note 99-214/256 2.7854 0.003 Seven-year note 99-216/256 2.8998 0.003 10-year note 98-76/256 2.9515 0.005 30-year bond 97-148/256 3.1254 0.004 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 26.25 -0.50 spread U.S. 3-year dollar swap 21.75 0.25 spread U.S. 5-year dollar swap 12.50 0.25 spread U.S. 10-year dollar swap 3.00 0.00 spread U.S. 30-year dollar swap -12.00 -0.25 spread (Additional reporting by Richard Leong Editing by David Gregorio and Dan Grebler)
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© 2018 Reuters. All Rights Reserved. | TREASURIES-Yields rise in line with stocks ahead of debt supply next week | [
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* U.S.-China calls truce on tariffs boosts market risk tone * Dollar hits 4-month high vs yen, 6-month peak vs euro (Updates prices, adds comment, changes byline, dateline; previous LONDON) By Gertrude Chavez-Dreyfuss NEW YORK, May 21 (Reuters) - The dollar climbed to a five-month peak on Monday as news of a truce between the United States and China on trade tariffs prompted investors to pare back their short positions on the greenback. Investors have been short the dollar since July last year, but since mid-February, the dollar index has rallied nearly 7 percent. The dollar has been mainly bolstered by generally solid U.S. economic data that has backed the Federal Reserve's tightening stance this year. The prospect of a resolution to the U.S.-China trade tension has further added to the dollar's shine. The two world's largest economies have agreed to drop their tariff threats for now. U.S. Treasury Secretary Steven Mnuchin and President Donald Trump's top economic adviser, Larry Kudlow, said on Sunday the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future. "While there have seemingly been few signs of concrete progress in those negotiations, the more constructive tone from the two sides appears to be lending some support to the risk environment," said Erik Nelson, currency strategist at Wells Fargo Securities in New York. That news also boosted U.S. equities and Treasury yields, underpinning the dollar as a result. In mid-morning trading, the dollar index rose 0.1 percent to 93.748 after earlier hitting a five-month high above 94. This week, the dollar's fate rests on the Federal Reserve, with several Fed officials speaking this week and the minutes of the U.S. central bank's last monetary policy meeting due out on Wednesday. "If the minutes take note of inflation creeping higher, it could open the door to faster rate hikes and a stronger dollar," said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington. In other currency pairs, the dollar rose to a four-month high against the yen at 111.39 and was last at 111.13, up 0.4 percent. The yen has been pressured by recent weaker Japanese data, a U.S.-China trade war truce and elevated U.S. Treasury yields, analysts said. The euro, meanwhile, was flat against the dollar at $1.1770 , after earlier falling to its lowest since around mid-November. Europe's single currency has been affected by concerns about political uncertainty in Italy. This week will bring about a further test for stubborn euro bulls with the release of May flash PMI data on Wednesday where markets will be waiting to see whether the first quarter slowdown in Europe has spilled over to the subsequent months. | FOREX-Dollar scales 5-month peak as U.S.-China trade tensions ease | [
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FIFE, Wash., AFF Global Logistics ("AFF"), the largest U.S. domestic ocean freight forwarder specializing in less-than-container-load freight shipments, today announced that it had acquired Alaskan Express ("AE"). AFF is currently owned by The Resolute Fund II, L.P., a private equity fund managed by The Jordan Company, L.P., and AFF's management team.
Headquartered in Sumner, Washington, AE is a highly-regarded domestic freight forwarder with decades of experience serving the Alaska market.
AE will be merging its business operations with AFF, further strengthening its presence and services in an improving Alaska economy and providing greater opportunities for its employees. Alaskan Express customers can look forward to continued great service by the same trusted personnel, as well as access to AFF's global network of logistics capabilities.
"We are excited to welcome the talented Alaskan Express staff to the AFF team. This is a tremendous opportunity to combine our resources and pursue our common goal to deliver best–in-class capabilities, technology and services into the Alaska market," said AFF Vice President of Alaska Operations, Craig Forbes. "Alaskan Express has a strong reputation and joining forces was a logical choice that will benefit all of our customers."
"AFF is a great choice of partner, and will allow us to take advantage of the many synergies we share to deliver added value services to the customers of both companies," said Pete Schaul.
About AFF Global Logistics
AFF ( www.affgl.com ) is a global logistics group headquartered in Fife, Washington. AFF provides domestic offshore and international ocean freight forwarding of dry and temperature-controlled products, project logistics, and warehouse and distribution services.
If you would like more information regarding this topic, or to schedule an interview with Mr. Forbes, please call Chris De La Cruz at 253-926-5047 or email [email protected] .
: releases/aff-global-logistics-acquires-alaskan-express-300644447.html
SOURCE AFF Global Logistics | AFF Global Logistics Acquires Alaskan Express | [
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NAIROBI, May 10 (Reuters) - A dam burst overnight in a Kenyan town after heavy rain, causing “huge destruction” and deaths, a government official said on Thursday.
The burst happened in Solai, Nakuru county, 190 km (120 miles) northwest of the capital, Nairobi, late on Wednesday.
“The water has caused huge destruction of both life and property. The extent of the damage has yet to be ascertained,” Lee Kinyajui, governor of Nakuru, said in a statement.
Kenya Red Cross said on Twitter it had so far rescued 39 people. (Reporting by Thomas Mukoya and George Obulutsa; Writing by George Obulutsa; Editing by Nick Macfie)
| Kenyan dam bursts causing huge destruction, deaths - official | [
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ALACHUA, Fla., May 09, 2018 (GLOBE NEWSWIRE) -- AxoGen, Inc. (NASDAQ:AXGN), a global leader in developing and marketing innovative surgical solutions for peripheral nerves, announced today that it has priced an underwritten public offering of 3,000,000 shares of its common stock, which was upsized from the previously announced 2,000,000 shares, at a price of $41.00 per share, resulting in gross proceeds (before underwriting discounts and offering expenses) to the Company of approximately $123,000,000. In addition, AxoGen has granted the underwriters a 30-day option to purchase up to an aggregate of 450,000 shares of common stock at the same price. The offering is expected to close on or about May 11, 2018, subject to satisfaction of customary closing conditions.
AxoGen intends to use the net proceeds from the proposed offering for long term facility and capacity expansion and general corporate purposes.
Jefferies LLC and Leerink Partners LLC are acting as joint book-running managers for the offering. William Blair & Company, L.L.C and JMP Securities LLC are acting as co-managers.
The shares of common stock are being offered and sold pursuant to a shelf registration statement on Form S-3 that AxoGen filed with the Securities and Exchange Commission on May 7, 2018 and that became effective upon filing. A final prospectus supplement and the accompanying prospectuses related to the offering are being filed with the SEC and will be available at the SEC’s website located at www.sec.gov . When available, copies of the final prospectus supplement and the accompanying prospectuses relating to this offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by email at [email protected] , or by telephone at 877-821-7388 and Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by email at [email protected] , or by telephone at (800) 808-7525, ext. 6132.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Cautionary Statements Concerning Forward-Looking Statements
This Press Release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements may include, without limitation, statements regarding our assessment on our internal control over financial reporting, our growth, our 2018 guidance, product development, product potential, financial performance, sales growth, product adoption, market awareness of our products, data validation, our visibility at and sponsorship of conferences and educational events. The forward-looking statements are subject to risks and uncertainties, which may cause results to differ materially from those set forth in the statements. Forward-looking statements in this release should be evaluated together with the many uncertainties that affect AxoGen's business and its market, particularly those discussed in the risk factors and cautionary statements in AxoGen's filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made and, except as required by law, AxoGen assumes no responsibility to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts: AxoGen, Inc. Peter J. Mariani, Chief Financial Officer [email protected] The Trout Group – Investor Relations Brian Korb 646.378.2923 [email protected]
Source:AxoGen, Inc. | AxoGen, Inc. Announces Upsizing and Pricing of Public Offering of Common Stock | [
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Venture Capital Sell stocks as another correction is coming, strategist warns Higher yields, which move inversely to bond prices, pose a risk for equity markets, given that they mean higher costs for companies and, thus, fewer chances for shareholders to make profits. In a normal, functioning economy, lending in the short term has fewer risks — the underlying thought is that you can more easily predict what's happening tomorrow rather next month. 8 Hours Ago | 03:51
The bond market is signaling an upcoming correction and investors should sell their shares in listed companies, a strategist told CNBC Tuesday.
Borrowing costs have gone up over the last few weeks, with the yield on both the 10-year U.S. Treasury note and the two-year bond reaching multiyear highs last Friday. Higher yields, which move inversely to bond prices, pose a risk for equity markets, given that they mean higher costs for companies and, thus, fewer chances for shareholders to make profits.
At the same time, the difference between long and short-term borrowing costs keeps narrowing, in what investors describe as a flattening of the yield curve. This indicates that investors see debt that is to be repaid in two years being nearly as risky as lending it for 10 years.
In a normal, functioning economy, lending in the short term has fewer risks — the underlying thought is that you can more easily predict what's happening tomorrow rather next month.
"Yields are going up and the yield curve is flattening, you very rarely get good outcomes from this," Michael Howell, chief executive officer at Border Capital, told CNBC's "Squawk Box Europe" Tuesday. "I am dancing closer to the fire exit than I have been for some time." -Neil Dwane, Global strategist at Allianz Global Investors
He added that those fully invested in equities should be "very worried." Apart from the uptick in yields, there is a group of factors posing the seeds for a potential correction. These are: higher risk appetite, reduced capital flows and a continued monetary policy tightening from central banks, Howell said in a note. Jin Lee | Bloomberg | Getty Images Traders work on the floor of the New York Stock Exchange in New York, U.S.
The most influential central banks across the world are set to slowly end the era of cheap money, by increasing borrowing costs. Ultimately, this could exacerbate the problem of higher yields even more.
Neil Dwane, global strategist at Allianz Global Investors, told CNBC that the markets haven't fully understood that central bank policy is changing.
"We are concerned the market is understating the impact of quantitative tightening, particularly in the U.S.," he said, adding, "I am dancing closer to the fire exit than I have been for some time."
Amid expectations of a storm in equity markets and higher short-term yields, Howell suggested investors should exit the equity market.
"Take your money off the table," he said, adding that investors should then only put that money back after a correction has taken place. Silvia Amaro Digital Reporter, CNBC.com Playing | Sell stocks as another correction is coming, strategist warns | [
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Green Plains Inc:
* GREEN PLAINS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.60 * Q1 REVENUE $1.045 BILLION VERSUS I/B/E/S VIEW $915.6 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.35 — THOMSON REUTERS I/B/E/S
* GREEN PLAINS - TO DIVEST ASSETS THAT DO NOT SUPPORT CO’S STRATEGIC FOCUS ON PRODUCTION OF HIGH-PROTEIN FEED INGREDIENTS AND ETHANOL EXPORTS Source text for Eikon:
Our | Green Plains Q1 Loss Per Share $0.60 | [
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May 18, 2018 / 1:06 PM / Updated 35 minutes ago IMF delays new deal with Serbia until it names new finance minister Reuters Staff 2 Min Read
BELGRADE (Reuters) - The International Monetary Fund and Serbia have postponed a staff-level agreement over a new non-financial deal with Belgrade until it appoints a new finance minister, the lender said in a statement on Friday. FILE PHOTO: International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo
Serbian Prime Minister Ana Brnabic took over the responsibilities of finance minister this week pending the appointment of a successor to Dusan Vujovic, who quit this month citing personal reasons.
“We have reached agreement on key policy elements of the new program, and intend to return shortly to finalize the discussions, once the new Finance Minister has taken office,” the IMF said in a statement.
The new agreement will be supported by a Policy Coordination Instrument, an arrangement drafted by the IMF to provide policy advice and monitoring for countries that do not need financial support.
Serbia in February ended a three-year 1.2 billion euro ($1.4 billion) deal with the IMF under which it undertook a series of measures to reduce public debt and the budget deficit, including cuts in public sector wages and pensions. It did not draw on any funds.
“We confirmed agreement on policy objectives, including to foster higher, sustainable growth, to maintain fiscal discipline and financial stability, and advance ... structural reforms,” the IMF said.
Serbia is expected to have a budget surplus in 2018, following a small surplus last year. Inflation is expected to reach about 2 percent by year’s end, the IMF said.
Serbian President Aleksandar Vucic met the IMF mission, and his office said they had discussed an increase in public sector wages and pensions this year and next.
They also agreed that, by the end of 2018, the state-operated RTB Bor, Serbia’s sole copper mine and foundry, and the Petrohemija and MSK petrochemical plants should be either fully or partly privatized.
Inflation in April stood at 1.1 percent, down from 1.4 percent in March and below the central bank’s target band of 3 percent, plus or minus 1.5 percentage points. Reporting by Aleksandar Vasovic; Editing by Kevin Liffey | UPDATE 2-IMF delays new deal with Serbia until it names new finance minister | [
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DUBLIN, April 30 (Reuters) - Facebook has moved to block referral of its Irish privacy case to Europe’s top court, a lawyer for the U.S. tech giant said on Monday, seeking to avoid a potential ban on the legal instrument it uses to transfer users’ data to the United States.
The lawyer, Paul Gallagher, told the Irish High Court that Facebook was seeking a stay on the court’s referral of the case to the Court of Justice of the European Union to give the Irish Supreme Court time to decide if it would hear an appeal.
The Irish High Court Court this month ordered the case to be referred to the EU’s top court for a detailed assessment of whether the methods used for data transfers - including standard contractual clauses and the Privacy Shield agreement - were legal.
Reporting by Conor Humphries Editing by David Goodman
| Facebook seeks to block referral of privacy case to EU's top court | [
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May 4 (Reuters) - Concord New Energy Group Ltd:
* POWER GENERATION OUTPUT ATTRIBUTABLE TO THE GROUP DURING APRIL OF 2018 WAS 374.36 GWH, UP 67.17 % Source text for Eikon: Further company coverage:
| BRIEF-Concord New Energy Group Says April Power Generation Output Attributable Was 374.36 GWh | [
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May 7, 2018 / 4:21 AM / Updated 12 minutes ago Singapore bank OCBC's Q1 profit at 3-1/2 year high, tad below estimates Reuters Staff 2 Min Read
SINGAPORE (Reuters) - Singapore’s Oversea-Chinese Banking Corp Ltd (OCBC) reported a 29 percent rise in quarterly profit, underpinned by strong growth in net interest income and wealth management, but missed market estimates, sending its shares down 3.2 percent. Banking staff wait outside an Oversea-Chinese Banking Corp (OCBC) branch in Singapore February 11, 2015. REUTERS/Edgar Su/Files
The results from Singapore’s second-largest listed lender followed forecast-beating numbers from DBS Group Holdings Ltd and United Overseas Bank. Singapore banks are benefiting from an improving economy and higher local interest rates.
“The group’s income growth was broad-based, loan growth was sustained, assets under management growth continued and allowances were much lower,” OCBC Chief Executive Officer Samuel Tsien said in a statement on Monday.
OCBC’s net profit came in at S$1.11 billion ($832 million) in the three months ended March 31 versus S$861 million reported a year ago, and was the highest since the quarter ending September 2014.
This was short of the average estimate of S$1.18 billion from five analysts compiled by Thomson Reuters. The year-ago number was restated from a reported profit of S$973 million.
OCBC said the changes were a result of Singapore-incorporated companies listed on the Singapore Exchange being required to adopt a new financial reporting framework.
The bank’s net interest margin rose five basis points to 1.67 percent. Fee and commission income increased 11 percent, led by a 19 percent jump in wealth management fee income.
OCBC’s allowances for loans and other assets declined to S$12 million from S$168 million a year ago.
($1 = 1.3335 Singapore dollars) | Singapore bank OCBC's Q1 profit at 3-1/2 year high, tad below estimates | [
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TORONTO, May 02, 2018 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI) (NYSE:AUY) (“Yamana” or “the Company”) is herein reporting its financial and operational results 2018.
Illustrative Timeline for the Development Opportunities at Chapada
FIRST QUARTER HIGHLIGHTS
Gold equivalent ounce (“GEO”) (1) production from Yamana Mines (2) was 211,246, including 199,555 ounces of gold and 899,261 ounces of silver. Total attributable gold production (3) was 248,088 ounces of gold, including attributable production from Gualcamayo and Brio Gold Inc. ("Brio Gold"). The Company also produced 30.4 million pounds of copper.
First quarter costs for Yamana Mines included AISC on a by-product basis (4) of $714 per GEO; cash costs on a by-product basis (4) of $454 per GEO; and total cost of sales of $1,037 per GEO. Refer to page 11 of this press release for additional information on costs by metal on a co-product and by-product basis.
Gold production exceeded plan with mine site costs in line with or better than plan. The Company reiterates production and cost guidance for 2018, and continues to expect approximately 47 per cent of total gold production from Yamana Mines and 46 per cent of total copper production to be delivered in the first half of the year. This production weighting is before consideration for the Company’s newest mine, Cerro Moro, where first ore was fed to the mill on April 25, 2018. The start up is progressing well with milling rates and feed grades expected to ramp up through the second quarter with first doré expected in May. First quarter activities at Cerro Moro have positioned the operation to deliver on production expectations in 2018.
Cerro Moro is expected to contribute meaningfully to Yamana’s planned growth at costs significantly below the Company’s current average cost structure. This is expected to lead to a step change in cash flows and free cash flows beginning in the second half of 2018.
Net loss from operations for the three months ended March 31, 2018, was $160.6 million, with $160.1 million or $0.17 per share basic and diluted attributable to Yamana equityholders. A summary of certain non-cash and other items is included in the table on page 3 of this press release, the most notable of which is a $168.2 million ($174.0 million before tax) non-cash accounting carrying value reduction related to Company’s interest in Brio Gold.
Adjusted cash flows from operating activities before net change in working capital (4) are $146.5 million. Cash flows from operating activities were $122.4 million and cash flows from operating activities before net change in working capital (4) were $206.4 million. This includes a $67.9 million payment to settle certain tax contingencies in Brazil and $127.8 million received from the Company’s copper advanced sales program, both of which were previously reported on February 15, 2018. Given the non-recurring nature of the tax payment and copper advance sales program, the Company believes adjusted cash flows more accurately represent the cash flows generated in the quarter.
The balance sheet as at March 31, 2018, includes cash and cash equivalents of $129.3 million, and available credit (excluding Brio Gold) of $827.8 million, for total liquidity to the Company of approximately $1.0 billion. Net debt (4) decreased by $163.5 million from December 31, 2017, notwithstanding capital expenditures while Cerro Moro was in development. This results in an improved balance sheet coincident with the start up of Cerro Moro.
(All amounts are expressed in United States Dollars unless otherwise indicated.)
Gold equivalent ounces include gold plus silver at a ratio of 76.9:1. Yamana Mines include Chapada, El Peñón, Canadian Malartic, Minera Florida, Jacobina and Cerro Moro. Attributable production includes production from Gualcamayo and production commensurate to the Company's interest in Brio Gold, which of 2018 was a weighted average of 53.6%. Refers to a non-GAAP financial measure or an additional line item or subtotal in financial statements as described at the end of this press release. Reconciliations for all non-GAAP financial measures are available at www.yamana.com/Q12018 and in Section 10 of the Company’s first quarter 2018 Management’s Discussion & Analysis , which has been filed on SEDAR.
Summary of Certain Non-Cash and Other Items Included in Net Earnings
(In United States Dollars, per share amounts may not add due to rounding, unaudited) Three Months
Ended Mar 31st 2018 2017 Non-cash unrealized foreign exchange losses 3.3 2.2 Share-based payments/mark-to-market of deferred share units 0.8 3.2 Mark-to-market on derivative contracts (10.1 ) 0.4 Mark-to-market on investment and other assets 1.0 3.7 Revision in estimates and liabilities including contingencies 5.2 1.5 Gain on sale of assets (39.3 ) - Impairment of mining and non-operational mineral properties related to Brio Gold 174.0 - Financing costs paid on early note redemption 14.7 - Reorganization costs 4.0 - Other provisions, write-downs and adjustments 6.5 3.9 Non-cash tax unrealized foreign exchange losses/(gains) 4.8 (27.2) Income tax effect of adjustments 5.3 3.2 TOTAL ADJUSTMENTS 170.2 (9.1) Increase to earnings per share 0.18 - Note: For the three months ended March 31, 2018, net earnings from continuing operations, attributable to Yamana Gold Inc. equityholders, would be adjusted by an increase of $170.2 million (2017 – decrease of $9.1 million).
The above table includes a non-cash accounting carrying value reduction totalling $168.2 million ($174.0 million before tax) in respect of the previously announced Brio Gold and Leagold Mining Corporation (“Leagold”) transaction. The business combination of Brio Gold and Leagold, which received approval by Brio Gold shareholders on April 12, 2018, prompted a move to carry the Company’s interest in Brio Gold at market prices for the related shares as at March 31, 2018. Upon completion of the transaction, and following the recently announced planned equity issue by Leagold, Yamana will own approximately 20.5% of Leagold. The accounting adjustment to the carrying value of the Company’s Brio Gold shares does not reflect the ultimate impact to the Company, which will be based on the consideration value from the share prices when the plan of arrangement closes in the second quarter of 2018. Additionally, the adjustment does not reflect the accretion to value that is anticipated as the combined entity will create an impressive mid-tier gold producer with assets in two proven mining jurisdictions, a strong production platform, built-in potential for growth and a proven management team well positioned to deliver future value increases.
CONSTRUCTION AND DEVELOPMENT
The Company continues to evaluate its medium-term development opportunities and foresees that after the completion of Cerro Moro and the Canadian Malartic Extension project there will be a significant reduction in expansionary capital. This, when considered with the production growth at Cerro Moro and growth within the existing portfolio, positions the Company well to deliver on near-term step changes in cash flow and net free cash flow. The net effect also positions the Company well to execute on its corporate objective to both reduce net debt and increase cash balances. This cash-harvesting phase is expected to commence in 2018 and continue for at least the next several years.
The Company continues to target a leverage ratio of 1.5 or better. Opportunities to reduce leverage below this target will be considered.
The Company is focused on improving cash flows and returns on invested capital. In that context, the Company’s development opportunities will be managed within the framework of the balance sheet objectives. In addition to the usual project gating items, project scheduling and expenditures will be sequential so as not to interfere with the Company’s balance sheet objectives and also the period of cash flow harvesting. Monetization of certain assets or other strategic alternatives may ultimately provide additional flexibility to both the balance sheet and project timing.
Chapada
The Company continues to advance its exploration program with the objective of identifying higher-grade copper and gold opportunities that are proximal to the Chapada mine, completing infill drilling of the Sucupira and Baru deposits and advancing district scale targets. Mineralization has been identified along a 15-kilometre trend with numerous prospective areas under consideration for further drilling. An exploration update relating to this will be included with results for the second quarter of 2018. Infill drilling in the Baru area is expected to reduce stripping ratios for the Sucupira deposit and drilling on oxide mineralization, such as Hidrotermalito, offers the potential for heap leaching opportunities. Additionally, there are significant near mine sulphide targets that the Company is pursuing to supplement the existing mine plan.
Notwithstanding the focus on the exploration potential to discover higher grade copper and gold areas, the Company has also advanced numerous projects that are expected to further enhance returns from the Chapada mine.
To this end, the Company has completed studies and evaluations on several of the development opportunities at Chapada. These opportunities range in scope from plant optimization initiatives to enhance copper and gold recoveries, to plant expansions to bring forward cash flows, and pit wall pushbacks to expose higher grade zones. The completed study work included third party review of capital estimates and the inclusion of a significant contingency. The study results justify progressing the opportunities to the next stage(s) of evaluation and development.
Given the nature of the opportunities, the projects can be considered on their own or as part of a phased development plan. This flexibility in approach allows the Company to balance the maximization of value at Chapada, with the allocation of capital across the broader Company portfolio. Primary, however, is that the Company’s development opportunities are to be managed within the framework of the balance sheet objectives.
The Company is outlining the opportunities, such as how it envisages their phasing, the expected production benefit, estimates for capital expenditures, and approximate timing based on the current level of engineering and logistical factors such as permitting. The Phase 1 - Plant Optimization Work, as described below, has been approved with associated capital expenditures estimated at $9 million.
Engineering is being advanced for Phases 2 and 3, an expansion of the Chapada mill and pushback of the Chapada pit wall to expose higher grade Sucupira ores, respectively. While review of these projects is progressing through the evaluation process, importantly, the Company does not anticipate the allocation of expansionary capital for these projects before 2021.
Based on the work completed to date, the Company estimates the phased plan will provide the foundation to sustain annual production in the range of 100,000 to 110,000 ounces of gold (not including contributions to gold production from identified higher grade areas of Suruca, which is a gold-only ore body) and 150 to 160 million pounds of copper until at least 2034, and represents an opportunity to deliver significant cash flow increases and cash flow returns on invested capital. This represents an increase to the production outlook, as recently disclosed in the Chapada NI 43-101 Technical Report dated March 21, 2018. Further project details are expected to be available in early 2019 with the completion of the Feasibility Study. A development decision for Phase 2 is expected to follow in 2020.
A photo accompanying this announcement is available at
http://resource.globenewswire.com/Resource/Download/c861f991-5ece-433d-a90f-a5756e0b3550
Phase 1 - Plant Optimization Work Targeting Further Copper and Gold Recovery Improvements
During prior plant optimization projects in 2016 and 2017, which together have delivered an approximate 4% increase to both gold and copper recoveries, the Company determined that further optimizations would allow for additional gold and copper recovery improvements.
In late 2017 and through the first quarter of 2018, pilot plant flotation tests were conducted at Chapada that indicated scope for an additional 1.5% to 2.0% increase in gold and copper recoveries with the increase achievable through modifications to the cleaner tailings stream and the addition of new cells in the rougher/scavenger circuit. The Company plans to start the implementation of the Phase 1 - Plant Optimization Work in 2018 with completion expected by the second quarter of 2019. Expansionary capital is estimated at $9 million.
Phase 2 - Plant Expansion
Studies have been completed on expanding the Chapada processing plant capacity up to 32 million tonnes per annum (“Mtpa”) from the current capacity of 23 Mtpa. These studies concluded that higher throughput can be achieved with the current flotation feed size of approximately 280 microns via the installation of the following new equipment: an additional ball mill, high pressure grinding rolls (HPGR), a pebble crushing circuit, an additional Vertimill, and additional cells in the flotation circuit.
The expansion of the mineral resource inventory in 2017, the realized and further expected improvements to gold and copper recoveries via Phase 1, and the inclusion of the existing and growing low-grade ore stockpiles for which recovery improvements also apply were factored into the analysis for the plant expansion. At year-end 2017, the low-grade stockpiles totalled 88 million tonnes with grades estimated at 0.23% copper and 0.17 g/t gold.
A feasibility study has been initiated for the Phase 2 plant expansion and is expected to be completed in early 2019. Expansionary capital for the plant expansion is currently estimated at approximately $140 million (which includes a significant contingency), with no significant expenditures expected before 2021 as suggested on the illustrative timeline.
Phase 3 - Pit Wall Pushback to Access Sucupira
Current production at Chapada is sourced entirely from the main Chapada area, which includes the Corpo Principal, Cava Norte, and Corpo Sul pits. Future production is also expected to include the Sucupira deposit for which 46 million tonnes of Proven and Probable mineral reserves grading 0.27 g/t gold and 0.31% copper were included with the year-end 2017 mineral resource statement. The Company is evaluating opportunities to access additional higher-grade mineralization from Sucupira via a series of pushbacks on the north wall of the Chapada pit. This plan contemplates an additional 43 million tonnes of Sucupira mineralization grading 0.24 g/t gold and 0.36% copper. While the series of pushbacks necessitate the movement of certain surface infrastructure, importantly, the expansion does not require significant fleet additions as mining rates already exceed plant capacity. A feasibility study for Phase 3 is scheduled for completion in 2019. Based on current studies and the illustrative timeline, expected capital for the relocation of certain surface infrastructure is estimated at approximately $100 million with spending expected from 2024 to 2025. The first delivery of ore from Sucupira to the Chapada plant is expected in 2026, subject to positive feasibility study and a decision to proceed in 2023.
Suruca - Gold-Only Oxide and Sulphide Development Opportunity
Concurrent with the multi-phase plan for Chapada, development of the gold-only Suruca oxides is being evaluated as a standalone heap leach operation for which a feasibility study has been completed, and separately as part of an integrated plan with the sulphide mineralization. The integrated scenario includes processing of the oxides through a heap leach and processing of the gold-only sulphides through a CIL plant. Evaluation of the integrated option is progressing, including an exploration program designed to test known extensions of the sulphide mineralization. The Company expects to continue this exploration program through 2019. Results from the 2017 program and initial drilling as part of the 2018 program are showing extensions of the sulphide deposit to the west and in select, previously undrilled areas along the east flank of the deposit.
Under evaluation is a CIL plant with processing capacity of 8,000 tonnes per day (“tpd”) up to 13,000 tpd which would add meaningfully to gold production in the broader Chapada complex. Suruca, either the standalone oxide or sulphide ore bodies, or the integrated scenario, is under consideration as a gold only opportunity independently of the other opportunities at the main Chapada operations.
HEALTH, SAFETY, ENVIRONMENT AND CORPORATE RESPONSIBILITY
Health and safety are core to Yamana’s values evidenced by the continued commitment to the "One Team, One Goal: Zero" vision for sustainability, which reflects the Company's commitment to zero harm to employees, the environment and communities near mine operations.
The Company deeply regrets the previously announced fatal motor-vehicle accident involving two employees of a local contractor at the Gualcamayo mine, Argentina. All operations and exploration sites reviewed the incident to ensure that employees in similar conditions understand the risk and that the safety controls both exist and are functioning. These fatalities are included in the Company's Total Recordable Injury Frequency Rate (“TRIFR”) of 0.72 of 2018, which is comparatively low by industry standards. TRIFR is calculated on 200,000 hours worked and includes employees and contractors.
GUALCAMAYO
The Company considers the contribution to cash flows from assets and whether or not the possible monetization of or other strategic alternatives for those assets may deliver more value than the immediate cash flows that they generate. In line with the review, the Company initiated a plan of sale for its Gualcamayo mine in Argentina late in 2017. In the meantime, mining operations continue efforts to right-size production at Gualcamayo. Further options under consideration include various harvesting options that would maximize cash flows and consider the significant exploration long-term potential at Gualcamayo.
This may include an eventual depletion of the oxide resource with a move towards a care and maintenance plan for the asset and further evaluations on a number of prospective oxide targets that are proximal to the mine as well as additional studies on the Deep Carbonate project. If, during the course of 2018, the Company does not receive a sale price that adequately reflects the strategic value of the asset, then the Company would move ahead with the latter options.
KEY STATISTICS
Key operating and financial statistics 2018 are outlined in the following tables.
Financial Summary (including Brio Gold on a 100% basis unless otherwise indicated)
Three Months
Ended Mar 31st (In millions of United States Dollars except for shares and per share amounts, unaudited) 2018 2017 Revenue 449.7 403.5 Cost of sales excluding depletion, depreciation and amortization (259.2 ) (238.0 ) Depletion, depreciation and amortization ("DDA") (104.1 ) (106.0 ) Total cost of sales (363.3 ) (344.0 ) Mine operating earnings/(loss) (16.6 ) 59.5 General and administrative expenses (26.2 ) (25.3 ) Exploration and evaluation expenses (3.8 ) (4.0 ) Net earnings/(loss) (160.6 ) 1.0 Net earnings/(loss) attributable to Yamana Gold equity holders (160.1 ) - Net earnings/(loss) - basic and diluted (0.17 ) - Cash flow generated from continuing operations after changes in non-cash working capital 122.4 51.3 Cash flow from operations before changes in non-cash working capital 206.4 117.2 Revenue per ounce of gold 1,310 1,209 Revenue per ounce of silver 16.50 17.28 Revenue per pound of copper 2.56 2.35 Average realized gold price per ounce 1,328 1,220 Average realized silver price per ounce 16.93 17.29 Average realized copper price per pound 3.13 2.57 For the three months ended March 31, 2018, the weighted average numbers of shares outstanding, basic and diluted, was 948,711 thousand.
Production, Financial and Operating Summary
Three Months
Ended Mar 31st Gold 2018 2017 Total cost of sales per ounce sold - Yamana Mines $ 1,035 $1,022 Total cost of sales per ounce sold - Attributable $ 1,086 $1,056 Co-product cash costs per ounce produced - Yamana Mines $ 667 $661 Co-product cash costs per ounce produced - Attributable $ 724 $712 All-in sustaining co-product costs per ounce produced - Yamana Mines $ 881 $927 All-in sustaining co-product costs per ounce produced - Attributable $ 928 $936 By-product cash costs per ounce produced - Yamana Mines $ 444 $565 All-in sustaining by-product costs per ounce produced - Yamana Mines $ 703 $902 Silver 2018 2017 Total cost of sales per ounce sold $ 15.20 $15.14 Co-product cash costs per ounce produced $ 10.88 $10.36 All-in sustaining co-product costs per ounce produced $ 13.83 $14.24 By-product cash costs per ounce produced $ 8.01 $9.00 All-in sustaining by-product costs per ounce produced $ 11.58 $13.72 Copper 2018 2017 Total cost of sales per copper pound sold - Chapada $ 1.71 $1.79 Co-product cash costs per pound of copper produced - Chapada $ 1.51 $1.78 All-in sustaining costs per pound of copper produced - Chapada $ 1.65 $2.13
Three Months
Ended Mar 31st Gold Ounces 2018 2017 Chapada 22,753 19,089 El Peñón 40,391 33,637 Canadian Malartic (50%) 83,403 71,382 Minera Florida 18,483 21,685 Jacobina 34,525 32,126 Cerro Moro - - Total production - Yamana Mines 199,555 177,919 Brio Gold (attributable to Yamana) 24,687 41,886 Gualcamayo 23,846 37,728 TOTAL 248,088 257,533
Three Months
Ended Mar 31st Silver Ounces 2018 2017 El Peñón 899,261 960,820 Cerro Moro - - TOTAL 899,261 960,820
Three Months
Ended Mar 31st Copper Pounds (million) 2018 2017 Chapada 30.4 26.5 For a full discussion of Yamana’s operational and financial results, please refer to the Company’s first quarter 2018 Management’s Discussion & Analysis and Financial Statements , which have been filed on SEDAR and are also available on the Company’s website.
FIRST QUARTER 2018 CONFERENCE CALL
The Company will host a conference call and webcast on Thursday, May 3, 2018, at 8:30 a.m. ET.
First Quarter 2018 Conference Call
Toll Free (North America): 1-866-223-7781 Toronto Local and International: 416-340-2218 Webcast: www.yamana.com Conference Call Replay Toll Free (North America): 1-800-408-3053 Toronto Local and International: 905-694-9451 Passcode: 7856108 The conference call replay will be available from 12:00 p.m. ET on May 3, 2018, until 11:59 p.m. ET on May 18, 2018.
Qualified Persons
Scientific and technical information contained in this press release relating to operations at Chapada, Canadian Malartic and Jacobina has been reviewed and approved by Yohann Bouchard (Senior Vice President, Operations); relating to operations at El Peñón, Cerro Moro, Minera Florida and Gualcamayo has been reviewed and approved by Carlos Bottinelli (Manager, Technical Services); and relating to exploration has been reviewed and approved by Henry Marsden (Senior Vice President, Exploration). Each of Messrs. Bouchard, Bottinelli and Marsden is an employee of Yamana Gold Inc. and a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Yamana
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Canada, Brazil, Chile and Argentina. Yamana plans to continue to build on this base through existing operating mine expansions and optimization initiatives, development of new mines, the advancement of its exploration properties and, at times, by targeting other gold consolidation opportunities with a primary focus in the Americas.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations and Corporate Communications
416-815-0220
1-888-809-0925
Email: [email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains or incorporates by reference “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to information with respect to continued drilling at the Odyssey deposit, the Company’s strategy, plans or future financial or operating performance, the outcome of the legal matters involving the damages assessments and any related enforcement proceedings. Forward-looking statements are characterized by words such as “plan,” “expect�, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company's projects discussed herein being met, the impact of proposed optimizations at the Company's projects, changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration or laws, policies and practices, and the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), currency exchange rates (such as the Brazilian real, the Chilean peso, and the Argentine peso versus the United States dollar), the impact of inflation, possible variations in ore grade or recovery rates, changes in the Company’s hedging program, changes in accounting policies, changes in Mineral Resources and Mineral Reserves, risks related to asset disposition, risks related to metal purchase agreements, risks related to acquisitions, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting timelines, government regulation and the risk of government expropriation or nationalization of mining operations, risks related to relying on local advisors and consultants in foreign jurisdictions, environmental risks, unanticipated reclamation expenses, risks relating to joint venture operations, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending and outstanding litigation and labour disputes, risks related to enforcing legal rights in foreign jurisdictions, as well as those risk factors discussed or referred to herein and in the Company's Annual Information Form filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com , and the Company’s Annual Report on Form 40-F filed with the United States Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes.
CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES
This news release uses the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by National Instrument 43-101. However, these terms are not defined terms under Industry Guide 7 and are not permitted to be used in reports and registration statements of United States companies filed with the Commission. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into Mineral Reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a Mineral Resource is permitted disclosure under Canadian regulations. In contrast, the Commission only permits U.S. companies to report mineralization that does not constitute “Mineral Reserves” by Commission standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the Commission thereunder.
NON-GAAP FINANCIAL MEASURES AND ADDITIONAL LINE ITEMS AND SUBTOTALS IN FINANCIAL STATEMENTS
The Company has included certain non-GAAP financial measures to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS, including the following:
Cash costs per ounce of gold produced on a co-product and by-product basis; Cash costs per ounce of silver produced on a co-product and by-product basis; Co-product cash costs per pound of copper produced; All-in sustaining costs per ounce of gold produced on a co-product and by-product basis; All-in sustaining costs per ounce of silver produced on a co-product and by-product basis; All-in sustaining co-product costs per pound of copper produced; Net debt; Net free cash flow; Adjusted cash flows from operating activities before net change in working capital; Average realized price per ounce of gold sold; Average realized price per ounce of silver sold; and Average realized price per pound of copper sold.
The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable.
CASH COSTS AND ALL-IN SUSTAINING COSTS
The Company discloses “cash costs” because it understands that certain investors use this information to determine the Company’s ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The measures, as determined under IFRS, are not necessarily indicative of operating profit or cash flows from operating activities. Cash costs figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard remains the generally accepted standard of reporting cash costs of production in North America. Adoption of the standard is voluntary and the cost measures presented herein may not be comparable to other similarly titled measures of other companies.
The measure of cash costs, along with revenue from sales, is considered to be a key indicator of a company’s ability to generate operating earnings and cash flows from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial measure. The terms co-product and by-product cash costs per ounce of gold or silver produced, co-product cash costs per pound of copper produced, co-product and by-product AISC per ounce of gold or silver produced and co-product AISC per pound of copper produced do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. Non-GAAP financial measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS.
By-Product and Co-Product Cash Costs
Cash costs include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations, but are exclusive of amortization, reclamation, capital, development and exploration costs. The Company believes that such measure provides useful information about the Company’s underlying cash costs of operations. Cash costs are computed on a weighted average basis, net of by-product sales and on a co-product basis as follows:
Cash costs of gold and silver on a by-product basis - shown on a per ounce basis.
The attributable cost for each metal is calculated net of by-products by applying copper and zinc net revenues, which are incidental to the production of precious metals, as a credit to gold and silver ounces produced, thereby allowing the Company’s management and stakeholders to assess net costs of precious metal production. These costs are then divided by gold and silver ounces produced.
Cash costs of gold and silver on a co-product basis - shown on a per ounce basis.
Costs directly attributed to gold and silver will be allocated to each metal. Costs not directly attributed to each metal will be allocated based on the relative value of revenues which will be determined annually. The attributable cost for each metal will then be divided by the production of each metal in calculating cash costs per ounce on a co-product basis for the period.
Cash costs of copper on a co-product basis - shown on a per pound basis.
Costs attributable to copper production are divided by commercial copper pounds produced.
By-Product and Co-Product AISC
All-in sustaining costs per ounce of gold and silver produced seeks to represent total sustaining expenditures of producing gold and silver ounces from current operations, based on co-product costs or by-product costs, including cost components of mine sustaining capital expenditures, corporate general and administrative expense excluding stock-based compensation, and exploration and evaluation expense. All-in sustaining costs do not include capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, income tax payments, financing costs and dividend payments. Consequently, this measure is not representative of all of the Company's cash expenditures. In addition, the calculation of all-in sustaining costs does not include depletion, depreciation and amortization expense as it does not reflect the impact of expenditures incurred in prior periods.
All-in sustaining co-product costs reflect allocations of the aforementioned cost components on the basis that is consistent with the nature of each of the cost component to the gold, silver or copper production activities. Similarly, all-in sustaining by-product costs reflect allocations of the aforementioned cost components on the basis that is consistent with the nature of each of the cost component to the gold and silver production activities but net of by-product revenue credits from sales of copper and zinc.
A reconciliation of total cost of sales of gold, silver and copper sold (cost of sales excluding depreciation, depletion and amortization, plus depreciation, depletion and amortization) per the Consolidated Financial Statements to co-product cash costs of gold produced, co-product cash costs of silver produced, co-product cash costs of copper produced, co-product AISC of gold produced, co-product AISC of silver produced, co-product AISC of copper produced, by-product cash costs of gold produced, by-product cash costs of silver produced, by-product AISC of gold produced and by-product AISC of silver produced is provided in Section 14: of the MD&A for the three months ended March 31, 2018 and comparable period of 2017 which has been filed on SEDAR.
NET DEBT
The Company uses the financial measure "Net Debt", which is a non-GAAP financial measure, to supplement information in its Consolidated Financial Statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance. The non-GAAP financial measure of net debt does not have any standardized meaning prescribed under IFRS, and therefore it may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Net Debt is calculated as the sum of the current and non-current portions of long-term debt net of the cash and cash equivalent balance as at the balance sheet date. A reconciliation of Net Debt is provided in Section 14: of the MD&A for the three months ended March 31, 2018 and comparable period of 2017 which has been filed on SEDAR.
NET FREE CASH FLOW
The Company uses the financial measure "Net Free Cash Flow", which is a non-GAAP financial measure, to supplement information in its Consolidated Financial Statements. Net Free Cash Flow does not have any standardized meaning prescribed under IFRS, and therefore it may not be comparable to similar measures employed by other companies. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance with respect to its operating cash flow capacity to meet non-discretionary outflows of cash. The presentation of Net Free Cash Flow is not meant to be a substitute for the cash flow information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. Net Free Cash Flow is calculated as cash flows from operating activities of continuing operations adjusted for advance payments received pursuant to metal purchase agreements, non-discretionary expenditures from sustaining capital expenditures and interest and financing expenses paid related to the current period. A reconciliation of Net Free Cash Flow is provided in Section 14: of the MD&A for the three months ended March 31, 2018 and comparable period of 2017 which has been filed on SEDAR.
ADJUSTED CASH FLOWS FROM OPERATING ACTIVITIES BEFORE NET CHANGE IN WORKING CAPITAL
The Company uses the financial measures “Adjusted Cash Flows from Operating Activities before Net Change in Working Capital", which is a non-GAAP financial measure, to supplement information in its consolidated financial statements. Adjusted Cash Flows from Operating Activities before Net Change in Working Capital does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance by excluding certain items from cash flows from operating activities. The presentation of Adjusted Cash Flows from Operating Activities before Net Change in Working Capital is not meant to be a substitute for the cash flows information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. Adjusted Cash Flows from Operating Activities before Net Change in Working Capital is calculated as the sum of cash flows from operating activities before changes in working capital subtracting the impact of advance payments on metal purchase agreement and other non-recurring cash items. Reconciliations of Adjusted Cash Flows from Operating Activities before Net Change in Working Capital are below:
(In millions of US Dollars) For the three months ended March 31
2018 2017 Cash flows from operating activities $ 122.4 $51.3 Net change in working capital 84.0 65.9 Cash flows from operating activities before net change in working capital $ 206.4 $117.2 Less: Advance payments received on metal purchase agreement and unearned revenue (127.8 ) (4.4) Add: Payments made related to the Brazilian tax matters 67.9 — Adjusted cash flows from operating activities before net change in working capital $ 146.5 $(112.8) AVERAGE REALIZED METAL PRICES
The Company uses the financial measures "average realized gold price", "average realized silver price" and "average realized copper price", which are non-GAAP financial measures, to supplement in its Consolidated Financial Statements. Average realized price does not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance vis-à-vis average market prices of metals for the period. The presentation of average realized metal prices is not meant to be a substitute for the revenue information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.
Average realized metal price represents the sale price of the underlying metal before deducting sales taxes, treatment and refining charges, and other quotational and pricing adjustments. Average realized prices are calculated as the revenue related to each of the metals sold, i.e. gold, silver and copper, divided by the quantity of the respective units of metals sold, i.e. gold ounce, silver ounce and copper pound. Reconciliations of average realized metal prices to revenue provided in Section 14: of the MD&A for the three months ended March 31, 2018 and comparable period of 2017 which has been filed on SEDAR.
ADDITIONAL LINE ITEMS OR SUBTOTALS IN FINANCIAL STATEMENTS
The Company uses the following additional line items and subtotals in the Consolidated Financial Statements as contemplated in IAS 1: Presentation of Financial Statements :
Gross margin excluding depletion, depreciation and amortization — represents the amount of revenue in excess of cost of sales excluding depletion, depreciation and amortization. This additional measure represents the cash contribution from the sales of metals before all other operating expenses and DDA, in the reporting period. Mine operating earnings — represents the amount of revenue in excess of cost of sales excluding depletion, depreciation and amortization and depletion, depreciation and amortization. Operating earnings — represents the amount of earnings before net finance income/expense and income tax recovery/expense. This measure represents the amount of financial contribution, net of all expenses directly attributable to mining operations and overheads. Finance income, finance expense and foreign exchange gains/losses are not classified as expenses directly attributable to mining operations. Cash flows from operating activities before income taxes paid and net change in working capital — excludes the payments made during the period related to income taxes and tax related payments and the movement from period-to-period in working capital items including trade and other receivables, other assets, inventories, trade and other payables. Working capital and income taxes can be volatile due to numerous factors, such as the timing of payment and receipt. As the Company uses the indirect method prescribed by IFRS in preparing its statement of cash flows, this additional measure represents the cash flows generated by the mining business to complement the GAAP measure of cash flows from operating activities, which is adjusted for income taxes paid and tax related payments and the working capital change during the reporting period. Cash flows from operating activities before net change in working capital — excludes the movement from period-to-period in working capital items including trade and other receivables, other assets, inventories, trade and other payables. Working capital can be volatile due to numerous factors, such as the timing of payment and receipt. As the Company uses the indirect method prescribed by IFRS in preparing its statement of cash flows, this additional measure represents the cash flows generated by the mining business to complement the GAAP measure of cash flows from operating activities, which is adjusted for the working capital change during the reporting period.
The Company’s management believes that their presentation provides useful information to investors because gross margin excluding depletion, depreciation and amortization excludes the non-cash operating cost item (i.e. depreciation, depletion and amortization), cash flows from operating activities before net change in working capital excludes the movement in working capital items, mine operating earnings excludes expenses not directly associate with commercial production and operating earnings excludes finance and tax related expenses and income/recoveries. These, in management’s view, provide useful information of the Company’s cash flows from operating activities and are considered to be meaningful in evaluating the Company’s past financial performance or the future prospects.
Source:Yamana Gold | Yamana Gold Announces First Quarter 2018 Results, Start Up at Cerro Moro and an Update on the Plan for Select Development Opportunities at Chapada | [
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1 Hour Ago Breaking News
[The stream is slated to start at 2 p.m. ET. Please refresh the page if you do not see a player above at that time.]
The White House is set to field reporters' questions Monday, in the wake of a media blitz from former New York mayor Rudy Giuliani , a recent addition to President Donald Trump 's legal team.
Giuliani gave a streak of media interviews beginning Wednesday and continuing through Sunday on a weekend morning show. In a lengthy interview on Fox News Wednesday night, Giuliani revealed that Trump had repaid his lawyer, Michael Cohen, for a $130,000 payment made to porn star Stormy Daniels as part of a nondisclosure pact barring her from discussing an alleged affair with Trump.
"Funneled through a law firm, and the president repaid it," Giuliani told talk show host Sean Hannity .
Trump had denied knowledge of the payment when asked about it in April. Cohen has previously said that "neither the Trump Organization nor the Trump campaign" was involved in the transaction.
During the previous press briefing on Thursday, White House press secretary Sarah Huckabee Sanders said Giuliani's remarks about the repayment were "information that the president didn't know at the time but eventually learned."
Sanders said at the Thursday briefing she found about the reimbursement the night before. "The first awareness I had was during an interview last night," Sanders said.
Trump acknowledged Cohen's reimbursement in a trio of tweets the day after Giuliani spoke with Hannity. | Watch: White House takes questions following Rudy Giuliani media blitz | [
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Robot falcon puts the frighteners on nuisance birds 11:32am BST - 01:54
A robotic bird of prey that mimics the flight of a real peregrine falcon has been developed by a spin-off company from the University of Twente to help tackle the problem of bird strikes at airports. Matthew Stock reports. ▲ Hide Transcript ▶ View Transcript
A robotic bird of prey that mimics the flight of a real peregrine falcon has been developed by a spin-off company from the University of Twente to help tackle the problem of bird strikes at airports. Matthew Stock reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L9gGRv | Robot falcon puts the frighteners on nuisance birds | [
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May 1, 2018 / 12:26 PM / Updated 22 minutes ago BRIEF-HanesBrands Q1 Adj. Earnings Per Share $0.26 Reuters Staff
May 1 (Reuters) - HanesBrands Inc:
* HANESBRANDS REPORTS FIRST-QUARTER 2018 FINANCIAL RESULTS * Q1 ADJUSTED EARNINGS PER SHARE $0.26
* Q1 GAAP EARNINGS PER SHARE $0.22 FROM CONTINUING OPERATIONS * Q1 SALES $1.47 BILLION VERSUS I/B/E/S VIEW $1.43 BILLION
* Q1 EARNINGS PER SHARE VIEW $0.24 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 ADJUSTED EARNINGS PER SHARE $1.72 TO $1.80 EXCLUDING ITEMS
* SEES Q2 2018 ADJUSTED EARNINGS PER SHARE $0.44 TO $0.46 EXCLUDING ITEMS * Q1 GAAP EARNINGS PER SHARE $0.22
* Q2 EARNINGS PER SHARE VIEW $0.47, REVENUE VIEW $1.71 BILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $1.76, REVENUE VIEW $6.75 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | BRIEF-HanesBrands Q1 Adj. Earnings Per Share $0.26 | [
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Reported Revenue of $74.2 Million up 5.9% Sequentially and 2.9% Year-over-Year
Top-line grew from the combination of improved sales productivity and inclusion of SingleHop as of March 1, 2018 INAP Reorganizes into New Reporting Segments in 2018, INAP US and INAP International INAP US, comprising 77% of Revenue, up 7.2% Sequentially and 2.9% YoY INAP INTL, comprising 23% of Revenue, up 1.9% Sequentially and 2.7% YoY GAAP Net Loss of $(14.1) Million, or GAAP Net Loss Margin of (18.9)%, with Adjusted EBITDA of $25.7 Million up 5.3% Sequentially and 19.1% Year-over-Year; Adjusted EBITDA Margin of 34.6% Comparable QoQ and up 470 Basis Points YoY Cash Flow from Operations was $3.5 Million, with Capital Expenditures of $6.4 Million INAP Completed Repricing of Senior Secured Term Loan, Reducing Interest Rate Margin over LIBOR by 125 Basis Points to L+575, Saving over $5 Million in Run-Rate Interest Expense Reaffirming 2018 Outlook for Revenue of $320-$330 Million, Adjusted EBITDA of $105-$115 Million, Capital Expenditures of $40-$45 Million
RESTON, Va., May 03, 2018 (GLOBE NEWSWIRE) -- Internap Corporation (NASDAQ:INAP), a leading provider of high-performance data center services, including colocation, cloud and network, today announced financial results for the first quarter of 2018.
“INAP continues to perform by improving operations and focusing on our core strengths in data center services,” stated Peter D. Aquino, President and CEO. “As we layer on value-added products, such as advanced managed services through our SingleHop acquisition, we expect our customers to benefit by the integrated solution sets we offer them in Tier 1 markets, where addressable market demand for our services allows us to capture additional share. Our new sales team now has momentum that we can build on and expand our product set across our entire platform, providing a path toward a combination of organic and acquisition growth.”
Revenue
First quarter 2018 results include SingleHop operations as of March 1, 2018, and are therefore not comparable to prior periods.
Revenue totaled $74.2 million in the first quarter of 2018, an increase of $4.2 million or 5.9% sequentially and 2.9% year over year. The sequential increase was primarily due to the SingleHop acquisition. Base line revenues remain generally flat sequentially, including the impact of announced planned closures.
In 2018, with the inclusion of SingleHop, INAP moved to a geographic organizational structure to better align global data center assets with management and increase sales efficiency. Beginning with first quarter 2018 reporting, INAP redefined its segment reporting into: INAP US, and INAP INTL.
INAP US revenue totaled $57.1 million in the first quarter of 2018, an increase of 7.2% sequentially and 2.9% year over year. The sequential increase was driven by SingleHop, a full quarter of INAP's new Atlanta Data Center, and the stabilization of US revenue. INAP INTL revenue totaled $17.1 million in the first quarter of 2018, an increase of 1.9% sequentially and 2.7% year over year. The sequential increase was contributed by SingleHop operations in Europe, while the year over year increase is due to both consolidation of INAP Japan, and SingleHop. Post consolidation at the end of 2017, INAP Japan contributes $2 million per quarter in revenue.
First Quarter 2018 Financial Summary
($ in thousands) QoQ YoY 1Q 2018 4Q 2017 1Q 2017 Growth Growth Total Revenue $ 74,201 $ 70,035 $ 72,133 5.9 % 2.9 % Operating Costs and Expenses $ 73,322 $ 64,432 $ 71,641 13.8 % 2.3 % Depreciation and Amortization $ 21,077 $ 17,397 $ 17,745 21.2 % 18.8 % Acquisition Costs $ 2,558 $ 176 $ — — — All Other Operating Costs and Expenses $ 49,687 $ 46,859 $ 53,896 6.0 % (7.8 )% GAAP Net Loss Attributable to INAP Shareholders $ (14,060 ) $ (6,934 ) $ (8,230 ) (102.8 )% (70.8 )% GAAP Net Loss Margin (18.9 )% (9.9 )% (11.4 )% Minus Goodwill Impairment and Other Items $ 3,701 $ 1,393 $ 3,414 165.7 % 8.4 % Normalized Net Loss 2 $ (10,359 ) $ (5,541 ) $ (4,816 ) (87.0 )% (115.1 )% Adjusted EBITDA 1 $ 25,665 $ 24,363 $ 21,554 5.3 % 19.1 % Adjusted EBITDA Margin 1 34.6 % 34.8 % 29.9 % Capital Expenditures (CapEx) $ 6,359 $ 12,616 $ 5,989 (49.6 )% 6.2 % Adjusted EBITDA less CapEx 1 $ 19,306 $ 11,747 $ 15,565 64.3 % 24.0 % Net Loss, Normalized Net Loss, Adjusted EBITDA and Business Unit Contribution
GAAP net loss attributable to INAP shareholders was $(14.1) million, or $(0.70) per share in the first quarter of 2018, including $2.6 million of costs associated with acquisition costs, compared with $(6.9) million, or $(0.35) per share in the fourth quarter of 2017, including $0.2 million of costs associated with acquisition costs. GAAP net loss in first quarter 2017 was $(8.2) million.
Normalized net loss was $(10.4) million in the first quarter of 2018 compared with $(5.5) million in the fourth quarter of 2017 and $(4.8) million in the first quarter of 2017.
Adjusted EBITDA totaled $25.7 million in the first quarter of 2018, an increase of 5.3% compared with $24.4 million in the fourth quarter of 2017, and an increase of 19.1% compared with $21.6 million in the first quarter of 2017. Adjusted EBITDA margin was 34.6% in the first quarter of 2018, down 20 basis points compared to 34.8% in the fourth quarter, and up 470 basis points compared to 29.9% in first quarter 2017. The increases in Adjusted EBITDA were primarily driven by continued focus on cost savings in real estate and network facilities, INAP’s initiative to exit less profitable data center sites, and one month of SingleHop's financial statements.
Business Unit Contribution 3 - INAP US and INAP INTL business unit contribution for the first quarter 2018 is as follows:
INAP US, includes colocation, cloud, and network services. Cloud contains AgileCloud, Managed Hosting and Services.
-- INAP US business unit contribution totaled $26.5 million in the first quarter of 2018, a 15.4% increase compared to the fourth quarter of 2017 and a 32.7% increase from the first quarter of 2017. As a percent of revenue, INAP US business unit contribution margin was 46.5% in the first quarter of 2018 up 330 basis points sequentially and 1,040 basis points year-over-year. The year over year business unit contribution increase reflects continued focus on cost savings in real estate and network facilities, INAP's initiative to exit less profitable data center sites, and one month of SingleHop's financials.
INAP INTL, includes colocation, cloud, and network services. Cloud contains AgileCloud, Managed Hosting and Services, iWeb and Ubersmith.
-- INAP INTL business unit contribution totaled $6.0 million in the first quarter of 2018, a 5.2% decline compared with the fourth quarter of 2017 and a 21.9% decrease from the first quarter of 2017. The primary driver for the decline is due to the inclusion of INAP Japan in the fourth quarter 2017 which has a low contribution margin.
“We are off to a great start to the year, having worked through further operations improvement, the closing of SingleHop acquisition and repricing of our total debt,” says Robert M. Dennerlein, Chief Financial Officer. “The repricing of our debt at favorable rates creates over $5 million in annual interest savings. We also realigned our divisions along geographic reporting segments to correspond with our management reorganization to include SingleHop.”
Balance Sheet and Cash Flow Statement
Cash and cash equivalents totaled $16.2 million at March 31, 2018. Total debt was $667.2 million, net of discount and prepaid costs, at the end of the quarter, including $233.6 million in capital lease obligations. As previously reported, on April 9, 2018, INAP entered into a Fourth Amendment to Credit Agreement, which amended INAP’s Credit Agreement, dated as of April 6, 2017 to lower the interest rate margin applicable to outstanding term loans by 125 basis points.
Cash generated from operations for the three months ended March 31, 2018 was $3.5 million compared to $7.3 million in first quarter 2017, and $13.8 million in fourth quarter of 2017. Capital expenditures over the same periods were $6.4 million, compared to $6.0 million and $12.6 million, respectively. Adjusted EBITDA less CapEx 1 was $19.3 million, compared to $15.6 million in first quarter 2017 and $11.7 million in the fourth quarter of 2017. Free cash flow 4 over the same periods was $(2.8) million, compared to $1.3 million in the first quarter of 2017 and $1.2 million in the fourth quarter of 2017, respectively. Unlevered free cash flow 4 was $10.2 million for the first quarter of 2017, compared to $8.6 million in first quarter 2017 and $13.0 million in fourth quarter 2017.
Business Outlook
INAP reiterated its outlook for 2018 which, as noted above, includes projected results of acquired SingleHop operations as of February 28, 2018. Additionally, INAP’s sales momentum is expected to contribute to organic growth, offset by select planned closures of certain data center facilities.
Full-Year 2018 Expected Range Revenue $320 million-$330 million Adjusted EBITDA $105 million-$115 million Capital Expenditures $40 million-$45 million
Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA less CapEx are non-GAAP financial measures which we define in an attachment to this press release entitled “Non-GAAP (Adjusted) Financial Measures.” Reconciliations between GAAP information and non-GAAP information related to Adjusted EBITDA and Adjusted EBITDA margin are contained in the table entitled “Reconciliation of GAAP Net Loss to Adjusted EBITDA.” Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. A reconciliation between GAAP information and non-GAAP information related to Adjusted EBITDA less CapEx is contained in the table entitled “Reconciliation of GAAP Net Cash Flows provided by Operating Activities to Adjusted EBITDA less CapEx.”
Normalized net loss is a non-GAAP financial measure which we define in an attachment to this press release entitled “Non-GAAP (Adjusted) Financial Measures.” Reconciliations between GAAP information and non-GAAP information related to normalized net loss are contained in the table entitled “Reconciliation of Net Loss to Normalized Net Loss.”
Business unit contribution and business unit contribution margin are non-GAAP financial measures which we define in an attachment to this press release entitled “Non-GAAP (Adjusted) Financial Measures.” Reconciliations between GAAP and non-GAAP information related to business unit contribution and business unit contribution margin are contained in the table entitled “Business Unit Contribution and Business Unit Contribution Margin” in the attachment. Business unit contribution margin is business unit contribution as a percentage of revenue.
Free cash flow and unlevered free cash flow are non-GAAP financial measures which we define in the attachment to the press release entitled “Non-GAAP (Adjusted) Financial Measures.” Reconciliations between GAAP and non-GAAP information related to Free cash flow and unlevered free cash flow are contained in the table entitled “Free Cash Flow and Unlevered Free Cash Flow.”
Conference Call Information :
INAP's first quarter 2018 conference call will be held today at 8:30 a.m. ET. Listeners may connect to a simultaneous webcast of the call, which will include accompanying presentation slides, on the Investor Relations section of INAP’s web site at http://ir.inap.com/events-and-presentations . The call can also be accessed by dialing 877-334-0775. International callers should dial 631-291-4567. An online archive of the webcast will be archived in the Investor Relations section of INAP’s website. An audio-only replay will be accessible from Thursday, May 3, 2018 at 11:30 a.m. ET through Tuesday, May 8, 2018 at 855-859-2056 using replay code 3674167. International callers can listen to the archived event at 404-537-3406 with the same code.
About INAP
Internap Corporation (NASDAQ:INAP) is a leading provider of high-performance data center services, including colocation, cloud and network. INAP partners with its customers, who range from the Fortune 500 to emerging start-ups, to create secure, scalable and reliable IT infrastructure solutions that meet the customer’s unique business requirements. INAP operates in 57 primarily Tier 3 data centers in 21 metropolitan markets and has 98 POPs around the world. INAP has over 1 million gross square feet under lease, with over 500,000 square feet of data center space. For more information, visit www.inap.com .
Forward-Looking Statements
This press release contains . These include statements related to sales, improved profitability, margin expansion, operations improvement, cost reductions, participation in strategic transactions, our expectations for 2018 revenue, Adjusted EBITDA, capital expenditures and Adjusted EBITDA less Capex. Our ability to achieve these is based on certain assumptions, including our ability to execute on our business strategy, leveraging of multiple routes to market, expanded brand awareness for high-performance IT infrastructure services and customer churn levels. These assumptions may prove inaccurate in the future. Because such are not guarantees of future performance or results and involve risks and uncertainties, there are important factors that could cause INAP’s actual results to those expressed or implied in the , due to a variety of important factors. Such important factors include, without limitation: our ability to execute on our business strategy to growth while reducing costs; our ability to maintain current customers and obtain new ones, whether in a cost-effective manner or at all; the robustness of the IT infrastructure services market; our ability to achieve or sustain profitability; our ability to expand margins and drive higher returns on investment; our ability to sell into new and existing data center space; the actual performance of our IT infrastructure services and improving operations; our ability to correctly forecast capital needs, demand planning and space utilization; our ability to respond successfully to technological change and the resulting competition; the geographic concentration of INAP’s data centers in certain markets and any adverse developments in local economic conditions or the demand for data center space in these markets; ability to identify any suitable strategic transactions; INAP's ability to realize anticipated revenue, growth, synergies and cost savings from the acquisition of SingleHop; INAP's ability to successfully integrate SingleHop’s sales, operations, technology, and products generally; the availability of services from Internet network service providers or network service providers providing network access loops and local loops on favorable terms, or at all; failure of third party suppliers to deliver their products and services on favorable terms, or at all; failures in our network operations centers, data centers, network access points or computer systems; our ability to provide or improve IT infrastructure services to our customers; our ability to protect our intellectual property; our substantial amount of indebtedness, our possibility to raise additional capital when needed, on attractive terms, or at all, our ability to service existing debt or maintain compliance with financial and other covenants contained in our credit agreement; our compliance with and changes in complex laws and regulations in the U.S. and internationally; our ability to attract and retain qualified management and other personnel; and volatility in the trading price of INAP common stock.
These risks and other important factors discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), and our other reports filed with the SEC could cause actual results to those indicated by the made in this press release.
Given these risks and uncertainties, investors should not place undue reliance on as a prediction of actual results. All attributable to INAP or persons acting on its behalf are expressly qualified in their entirety by the foregoing . All such statements speak only as of the date made, and INAP undertakes no obligation to update or revise publicly any , whether as a result of new information, future events or otherwise.
Investor Contacts:
Richard Ramlall
VP, IR & PR INAP
404-302-9982
[email protected]
Carolyn Capaccio/Jody Burfening
LHA
212-838-3777
[email protected] INTERNAP CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(In thousands, except per share amounts)
Three Months Ended
March 31, 2018 2017 Revenues: INAP US $ 57,076 $ 55,461 INAP INTL 17,125 16,672 Total revenues 74,201 72,133 Operating costs and expenses: Costs of sales and services, exclusive of depreciation and amortization, shown below: INAP US 18,435 23,547 INAP INTL 6,602 5,498 Costs of customer support 7,387 7,264 Sales, general and administrative 19,854 16,564 Depreciation and amortization 21,077 17,745 Exit activities, restructuring and impairments (33 ) 1,023 Total operating costs and expenses 73,322 71,641 Income from operations 879 492 Non-operating expenses: Interest expense 15,027 8,137 (Gain) loss on foreign currency, net (215 ) 97 Total non-operating expenses 14,812 8,234 Loss before income taxes, non-controlling interest and equity in earnings of equity-method investment (13,933 ) (7,742 ) Provision for income taxes 100 518 Equity in earnings of equity-method investment, net of taxes — (30 ) Net loss (14,033 ) (8,230 ) Less net income attributable to non-controlling interest 27 — Net loss attributable to INAP stockholders (14,060 ) (8,230 ) Other comprehensive income: Foreign currency translation adjustment 61 73 Unrealized gain on foreign currency contracts — 85 Total other comprehensive income 61 158 Comprehensive loss $ (13,999 ) $ (8,072 ) Basic and diluted net loss per share $ (0.70 ) $ (0.50 ) Weighted average shares outstanding used in computing basic and diluted net loss per share 20,052 16,087 INTERNAP CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amounts)
March 31,
2018 December 31,
2017 ASSETS Current assets: Cash and cash equivalents $ 16,159 $ 14,603 Accounts receivable, net of allowance for doubtful accounts of $1,700, and $1,487, respectively 17,524 17,794 Contract Assets 7,131 Prepaid expenses and other assets 8,690 8,673 Total current assets 49,504 41,070 Property and equipment, net 461,314 458,565 Intangible assets, net 79,185 25,666 Goodwill 118,077 50,209 Non-current contract assets 12,056 Deposits and other assets $ 11,784 $ 11,015 Total assets $ 731,920 $ 586,525 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities: Accounts payable 21,699 20,388 Accrued liabilities 14,279 15,908 Deferred revenues 5,871 4,861 Capital lease obligations 10,095 11,711 Revolving credit facility 16,000 5,000 Term loan, less discount and prepaid costs of $3,539 and $2,133, respectively 818 867 Exit activities and restructuring liability 3,391 4,152 Other current liabilities 4,197 1,707 Total current liabilities 76,350 64,594 Capital lease obligations 223,549 223,749 Term loan, less discount and prepaid costs of $11,286 and $7,655, respectively 416,766 287,845 Exit activities and restructuring liability 408 664 Deferred rent 1,138 1,310 Deferred tax liability 1,841 1,651 Other long-term liabilities 3,046 7,744 Total liabilities 723,098 587,557 Stockholders’ deficit: Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued or outstanding — — Common stock, $0.001 par value; 30,000 shares authorized; 21,131 and 20,804 shares outstanding, respectively 21 21 Additional paid-in capital 1,327,985 1,327,084 Treasury stock, at cost, 313 and 293 shares, respectively (7,429 ) (7,159 ) Accumulated deficit (1,313,598 ) (1,323,723 ) Accumulated items of other comprehensive loss (1,263 ) (1,324 ) Total INAP stockholders’ deficit 5,716 (5,101 ) Non-controlling interests 3,106 4,069 Total stockholders’ deficit $ 8,822 $ (1,032 ) Total liabilities and stockholders’ deficit $ 731,920 $ 586,525 INTERNAP CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended March 31, 2018 2017 Cash Flows from Operating Activities: Net loss $ (14,033 ) $ (8,230 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 21,077 17,745 Loss on disposal of fixed asset 46 — Amortization of debt discount and issuance costs 638 715 Stock-based compensation expense, net of capitalized amount 858 598 Equity in earnings of equity-method investment 2 (30 ) Provision for doubtful accounts 332 301 Non-cash change in capital lease obligations (213 ) 71 Non-cash change in exit activities and restructuring liability 372 980 Non-cash change in deferred rent (252 ) (423 ) Deferred taxes (30 ) 254 Payment of debt lender fees (300 ) (2,583 ) Other, net — (96 ) Changes in operating assets and liabilities: Accounts receivable 864 2,096 Prepaid expenses, deposits and other assets (467 ) 123 Accounts payable (636 ) (2,247 ) Accrued and other liabilities (2,904 ) (180 ) Deferred revenues (138 ) (510 ) Exit activities and restructuring liability (1,389 ) (1,386 ) Asset retirement obligation (248 ) 52 Other liabilities (52 ) 14 Net cash flows provided by operating activities 3,527 7,264 Cash Flows from Investing Activities: Purchases of property and equipment (6,082 ) (5,789 ) Proceeds from disposal of property and equipment 437 — Business acquisition, net of cash acquired (132,143 ) — Acquisition of minority shares (1,130 ) — Additions to acquired and developed technology (277 ) (200 ) Net cash flows used in investing activities (139,195 ) (5,989 ) Cash Flows from Financing Activities: Proceeds from credit agreements 146,000 — Proceeds from stock issuance — 40,282 Principal payments on credit agreements (1,089 ) (39,997 ) Debt issuance costs (5,676 ) — Payments on capital lease obligations (2,027 ) (2,491 ) Proceeds from exercise of stock options 3 1 7 Acquisition of common stock for income tax withholdings (270 ) (149 ) Other, net 235 (157 ) Net cash flows provided by(used in) in financing activities 137,204 (2,505 ) Effect of exchange rates on cash and cash equivalents 20 15 Net increase (decrease) in cash and cash equivalents 1,556 (1,215 ) Cash and cash equivalents at beginning of period 14,603 10,389 Cash and cash equivalents at end of period $ 16,159 $ 9,174 Supplemental disclosure of cash flow information: Cash paid for interest $ 13,000 $ 7,336 Non-cash acquisition of property and equipment under capital leases — 290 Additions to property and equipment included in accounts payable 2,287 1,247 INTERNAP CORPORATION
NON-GAAP FINANCIAL MEASURES
In addition to providing financial measurements based on accounting principles generally accepted in the United States of America (“GAAP”), this earnings press release includes additional financial measures that are not prepared in accordance with GAAP (“non-GAAP”), including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less CapEx, normalized net loss, business unit contribution, business unit contribution margin, free cash flow and unlevered free cash flow. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures can be found below.
We define the following non-GAAP measures as follows:
Adjusted EBITDA is a non-GAAP measure and is GAAP net loss attributable to INAP shareholders plus depreciation and amortization, interest expense, provision (benefit) for income taxes, other expense (income), (gain) loss on disposal of property and equipment, exit activities, restructuring and impairments, stock-based compensation, non-income tax contingency, strategic alternatives and related costs, organizational realignment costs, pre-acquisition costs and claim settlement.
Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenues.
Adjusted EBITDA less CapEx is Adjusted EBITDA less capital expenditures with Adjusted EBITDA for this non-GAAP measure defined as net cash flow provided by operating activities plus cash paid for interest, cash paid for taxes, cash paid for exit activities and restructuring, cash paid for strategic alternatives and related costs, cash paid for organizational realignment costs, payment of debt lender fees and other working capital changes less capital expenditures.
Normalized net loss is net loss attributable to INAP shareholders plus exit activities, restructuring and impairments, stock-based compensation, non-income tax contingency, strategic alternatives and related costs, organizational realignment costs, pre-acquisition costs, claim settlement and debt extinguishment and modification expenses.
Business unit contribution is business unit revenues less direct costs of sales and services, customer support, and sales and marketing, exclusive of depreciation and amortization.
Business unit contribution margin is business unit contribution as a percentage of business unit revenue.
Free cash flow is net cash flows provided by operating activities minus capital expenditures.
Unlevered free cash flow is free cash flow plus cash interest expense.
We believe that presentation of these non-GAAP financial measures provides useful information to investors regarding our results of operations.
We believe that excluding depreciation and amortization and loss (gain) on disposals of property and equipment, as well as impairments and restructuring, to calculate Adjusted EBITDA provides supplemental information and an alternative presentation that is useful to investors’ understanding of our current ongoing operating results and trends. Not only are depreciation and amortization expenses based on historical costs of assets that may have little bearing on present or future replacement costs, but also they are based on management estimates of remaining useful lives. Loss on disposals of property and equipment is also based on historical costs of assets that may have little bearing on replacement costs. Impairments and restructuring expenses primarily reflect goodwill impairments and subsequent plan adjustments in sublease income assumptions for certain properties included in our previously disclosed restructuring plans.
We believe that excluding interest expense, provision (benefit) for income taxes and other expense (income) from non-GAAP financial measures provides supplemental information and an alternative presentation useful to investors’ understanding of our core operating results and trends. Investors have indicated that they consider financial measures of our results of operations excluding interest expense, provision (benefit) for income taxes and other expense (income) as important supplemental information useful to their understanding of our historical results and estimating our future results.
We also believe that, in excluding the effects of interest expense, provision (benefit) for income taxes and other expense (income), our non-GAAP financial measures provide investors with transparency into what management uses to measure and forecast our results of operations, to compare on a consistent basis our results of operations for the current period to that of prior periods and to compare our results of operations on a more consistent basis against that of other companies, in making financial and operating decisions and to establish certain management compensation.
We believe that exit activities, restructuring and impairment charges, non-income tax contingency, strategic alternatives and related costs, organizational realignment costs, pre-acquisition costs, claim settlement costs and debt extinguishment and modification expense are unique costs, and consequently, we do not consider these charges as a normal component of expenses related to current and ongoing operations.
Similarly, we believe that excluding the effects of stock-based compensation from non-GAAP financial measures provides supplemental information and an alternative presentation useful to investors’ understanding of our current ongoing operating results and trends. Management believes that investors consider financial measures of our results of operations excluding stock-based compensation as important supplemental information useful to their understanding of our historical results and estimating our future results.
We also believe that, in excluding the effects of stock-based compensation, our non-GAAP financial measures provide investors with transparency into what management uses to measure and forecast our results of operations, to compare on a consistent basis our results of operations for the current period to that of prior periods and to compare our results of operations on a more consistent basis against that of other companies, in making financial and operating decisions and to establish certain management compensation.
Stock-based compensation is an important part of total compensation, especially from the perspective of employees. We believe, however, that supplementing GAAP net loss by providing normalized net loss, excluding the effect of exit activities, restructuring and impairments, stock-based compensation, non-income tax contingency, strategic alternatives and related costs, organizational realignment cost, pre-acquisition costs, claim settlement costs, and debt extinguishment and modification expenses in all periods, is useful to investors because it enables additional and more meaningful period-to-period comparisons.
Adjusted EBITDA is not a measure of financial performance calculated in accordance with GAAP, and should be viewed as a supplement to — not a substitute for — our results of operations presented on the basis of GAAP. Adjusted EBITDA does not purport to represent cash flow provided by operating activities as defined by GAAP. Our statements of cash flows present our cash flow activity in accordance with GAAP. Furthermore, Adjusted EBITDA is not necessarily comparable to similarly-titled measures reported by other companies.
We believe Adjusted EBITDA is used by and is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. We believe that:
EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, income taxes, depreciation and amortization, which can vary substantially from company-to-company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired; and
investors commonly adjust EBITDA information to eliminate the effect of disposals of property and equipment, impairments, restructuring and stock-based compensation which vary widely from company-to-company and impair comparability.
Our management uses Adjusted EBITDA:
as a measure of operating performance to assist in comparing performance from period-to-period on a consistent basis;
as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; and
in communications with the board of directors, analysts and investors concerning our financial performance.
Our presentation of business unit contribution and business unit contribution margin excludes depreciation and amortization in order to allow investors to see the business through the eyes of management.
We also have excluded depreciation and amortization from business unit contribution and business unit contribution margin because, as noted above, they are based on estimated useful lives of tangible and intangible assets. Further, depreciation and amortization are based on historical costs incurred to build out our deployed network and the historical costs of these assets may not be indicative of current or future capital expenditures.
Free cash flow and unlevered free cash flow are used in addition to and in conjunction with results presented in accordance with GAAP. Free cash flow and unlevered free cash flow should not be relied upon to the exclusion of GAAP financial measures. Free cash flow and unlevered free cash flow reflect an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and to not rely on any single financial measure.
We use free cash flow and unlevered free cash flow, and ratios based on it, to conduct and evaluate our business because, although it is similar to cash flow from operations, we believe it is a useful measure of cash flows since capital expenditures are a necessary component of ongoing operations. In limited circumstances in which proceeds from sales of fixed assets exceed capital expenditures, free cash flow would exceed cash flow from operations. However, since we do not anticipate being a net seller of fixed assets, we expect free cash flow to be less than operating cash flows.
Free cash flow and unlevered free cash flow have limitations due to the fact that they do not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments made to service our debt or capital lease obligations. Therefore, we believe it is important to view free cash flow as a complement to our entire consolidated statements of cash flows.
Adjusted EBITDA less CapEx is used in addition to and in conjunction with results presented in accordance with GAAP. Adjusted EBITDA less CapEx should not be relied upon to the exclusion of GAAP financial measures. Adjusted EBITDA less CapEx reflects an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and to not rely on any single financial measure.
We use Adjusted EBITDA less CapEx, and ratios based on it, to conduct and evaluate our business because, although it is similar to cash flow from operations, we believe it is a useful measure of cash flows since capital expenditures are a necessary component of ongoing operations.
Adjusted EBITDA less CapEx has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. Adjusted EBITDA less CapEx does not incorporate payments made to service our debt or capital lease obligations. Therefore, we believe it is important to view Adjusted EBITDA less CapEx as a complement to our entire consolidated statements of cash flows.
Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is presented as we understand certain investors use it as one measure of our historical ability to service debt. Also adjusted EBITDA is used in our debt covenants.
Although we believe, for the foregoing reasons, that our presentation of non-GAAP financial measures provides useful supplemental information to investors regarding our results of operations, our non-GAAP financial measures should only be considered in addition to, and not as a substitute for, or superior to, any measure of financial performance prepared in accordance with GAAP.
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA AND FORWARD LOOKING ADJUSTED EBITDA
A reconciliation of GAAP net loss attributable to INAP Shareholders to Adjusted EBITDA for each of the periods indicated is as follows (in thousands, unaudited):
Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 Reconciliation of GAAP Net Loss Attributable to INAP Shareholders to Adjusted EBITDA: Amount Percent Amount Percent Amount Percent Total Revenue $ 74,201 100.0 % $ 70,035 100.0 % $ 72,133 100.0 % Net Loss (GAAP) attributable to INAP Shareholders (14,060 ) (18.9 )% (6,934 ) (9.9 )% (8,230 ) (11.4 )% Add: Non-GAAP revenue 40 0.1 % — 0.0 % — 0.0 % Depreciation and amortization 21,077 28.4 % 17,397 24.8 % 17,745 24.6 % Interest expense 15,027 20.3 % 12,895 18.4 % 8,137 11.3 % Provision (benefit) for income taxes 100 0.1 % (436 ) (0.6 )% 518 0.7 % Other (income) expense (215 ) (0.3 )% 40 0.1 % 67 0.1 % Loss (gain) on disposal of property and equipment, net 46 0.1 % 8 0.0 % (97 ) (0.1 )% Exit activities, restructuring and impairments (33 ) 0.0 % (148 ) (0.2 )% 1,023 1.4 % Stock-based compensation 858 1.2 % 979 1.4 % 598 0.8 % Non-income tax contingency — 0.0 % — 0.0 % 1,500 2.1 % Strategic alternatives and related costs 27 0.0 % 38 0.1 % 6 0.0 % Organizational realignment costs 240 0.3 % 346 0.5 % 287 0.4 % Acquisition costs 2,558 3.4 % 176 0.3 % — 0.0 % Adjusted EBITDA (non-GAAP) $ 25,665 34.6 % $ 24,363 34.8 % $ 21,554 29.9 % A reconciliation of forward-looking Adjusted EBITDA for full-year 2018 is as follows (in millions, unaudited):
2018 Full-Year Guidance Low High Amount Percent Amount Percent Total Revenue $ 320 100.0 % $ 330 100.0 % Net Loss (GAAP) $ (48 ) (15.0 )% $ (38 ) (11.5 )% Add: Depreciation and amortization 70 21.9 % 70 21.2 % Interest expense 59 18.4 % 59 17.9 % Provision for income taxes 1 0.3 % 1 0.3 % Exit activities, restructuring and impairments 11 3.4 % 11 3.3 % Stock-based compensation 12 3.8 % 12 3.6 % Non-income tax contingency 1 0.3 % 1 0.3 % Adjusted EBITDA (non-GAAP) $ 105 32.8 % $ 115 34.8 % RECONCILIATION OF GAAP NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES TO
ADJUSTED EBITDA LESS CAPEX
A reconciliation of GAAP Net Cash Flows Provided by Operating Activities to Adjusted EBITDA less CapEx for each of the periods indicated is as follows (in thousands, unaudited):
Three Months Ended Reconciliation of GAAP Net Cash Flows provided by Operating Activities to Adjusted EBITDA less CapEx: March 31, 2018 December 31, 2017 March 31, 2017 Net Cash Flow provided by operating activities: $ 3,527 $ 13,808 $ 7,264 Add: Cash paid for interest 13,000 11,793 7,336 Cash paid for income taxes 108 176 — Cash paid for exit activities and restructuring 1,389 1,450 1,086 Cash paid for strategic alternatives and related costs 27 373 189 Cash paid for organizational realignment costs 240 282 267 Cash paid for acquisition costs 2,558 176 — Other working capital changes 4,816 (3,695 ) 5,412 Adjusted EBITDA (non-GAAP) $ 25,665 $ 24,363 $ 21,554 Less: Capital Expenditures (CapEx) $ 6,359 $ 12,616 $ 5,989 Adjusted EBITDA less CapEx $ 19,306 $ 11,747 $ 15,565 RECONCILIATION OF NET LOSS ATTRIBUTABLE TO INAP SHAREHOLDERS TO NORMALIZED NET LOSS TO INAP SHAREHOLDERS
Reconciliations of net loss attributable to INAP Shareholders, the most directly comparable GAAP measure, to normalized net loss attributable to INAP Shareholders (in thousands, unaudited):
Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 Net loss (GAAP) attributable to INAP Shareholders (14,060 ) (6,934 ) (8,230 ) Non GAAP revenue 40 — — Exit activities, restructuring and impairments (33 ) (148 ) 1,023 Stock-based compensation 858 979 598 Strategic alternatives, realignment, and related costs 267 385 293 Acquisition costs 2,558 176 — Non-Income Tax Contingency — — 1,500 Normalized net loss (non-GAAP) (10,370 ) (5,541 ) (4,816 ) BUSINESS UNIT CONTRIBUTION AND BUSINESS UNIT CONTRIBUTION MARGIN
Business unit contribution and business unit contribution margin, which includes direct costs of sales and service, customer support and sales and marketing for each of the periods indicated is as follows (in thousands, unaudited):
Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 Revenues: INAP US $ 57,076 $ 53,226 $ 55,461 INAP INTL 17,125 16,809 16,672 Total 74,201 70,035 72,133 Direct costs of sales and services, customer support and sales and marketing: INAP US 30,537 30,230 35,457 INAP INTL 11,133 10,490 9,002 Total 41,670 40,720 44,459 Business Unit Contribution: INAP US 26,539 22,997 20,004 INAP INTL 5,992 6,319 7,670 Total $ 32,531 $ 29,316 $ 27,674 Business Unit Contribution Margin: INAP US 46.5 % 43.2 % 36.1 % INAP INTL 35.0 % 37.6 % 46.0 % Total 43.8 % 41.9 % 38.4 % Free cash flow and unlevered free cash flow are non-GAAP measures. Free cash flow is net cash flows provided by operating activities minus capital expenditures. Unlevered free cash flow is free cash flow plus cash interest expense (in thousands, unaudited):
Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 Net cash flows provided by operating activities $ 3,527 $ 13,808 $ 7,264 Capital expenditures: Maintenance capital (1,796 ) (4,057 ) (790 ) Growth capital (4,564 ) (8,559 ) (5,199 ) Free cash flow (non-GAAP) (2,833 ) 1,192 1,275 Cash interest expense 13,000 11,794 7,336 Unlevered free cash flow (non-GAAP) $ 10,167 $ 12,986 $ 8,611 DATA CENTER PORTFOLIO
The following table presents an overview of the portfolio of data center properties that INAP leases as of March 31, 2018:
Market Gross Square
Feet (SF) 1 Supporting
Infrastructure 2 Office &
Other Data Center
Footprint SF 3 Current Raised
Floor SF 4 Occupied
SF Occupied
SF % Atlanta 212,898 64,248 75,344 73,306 49,462 33,076 67 % Los Angeles 124,651 11,323 17,475 95,853 25,055 15,650 62 % Dallas 5 112,700 23,763 21,023 67,914 30,972 17,262 56 % New York/New Jersey 116,503 16,405 28,468 71,630 48,940 27,166 56 % Boston 116,699 47,779 11,587 57,333 51,608 18,321 36 % Seattle 100,597 31,326 21,552 47,719 38,719 23,055 60 % Montreal 90,065 29,572 32,933 27,560 24,090 23,890 99 % Santa Clara/San Jose 88,882 23,852 23,667 41,363 41,038 21,393 52 % Houston 43,913 7,925 15,599 20,389 20,389 9,416 46 % Phoenix 23,542 — 1,892 21,668 17,601 17,391 99 % Chicago 14,027 1,551 — 12,476 12,076 9,811 81 % Other 6 22,993 — 981 21,994 20,045 15,962 80 % Total 1,067,470 257,744 250,521 559,206 379,996 232,393 61 % (1) Represents total SF subject to our lease. (2) Represents total SF for mechanical and utility rooms. (3) Represents total SF that is currently leased or available for lease but excludes supporting infrastructure, office space, and common area. (4) Represents data center footprint SF less unbuilt SF. (5) 10,000 SF of raised floor completed late Q1'18. (6) Represents Miami, Northern Virginia, Oakland/San Francisco, London, Amsterdam, Frankfurt, Hong Kong, Singapore, Sydney, Tokyo, and Osaka.
Source:Internap Corporation | INAP Reports First Quarter 2018 Financial Results | [
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May 27, 2018 / 12:01 PM / Updated 7 hours ago RPT-Trump metals tariffs make Granite City great again, but at what cost? Reuters Staff
(Repeats story first moved on Friday for wider distribution, no changes to text)
By Nick Carey
GRANITE CITY, Ill., May 25 (Reuters) - After Donald Trump was elected president in 2016 on a pledge to “Make America Great Again” and revive the country’s old industrial heartland, Dave Chrusciel hoped someday to return to his previous job at the steel mill here in this southern corner of Illinois.
That day has arrived. Chrusciel, 61, is one of around 500 workers United States Steel Corp is re-hiring or recruiting as it readies for production in mid-June at a blast furnace it idled in 2015.
“I’d been waiting for that phone call asking me to come back for more than two years,” he said.
Chrusciel and Granite City are among the winners as the Trump administration fights a multi-front war to reshape U.S. trade policy. City officials say the well-paid jobs at the Granite City Works, which traces its roots to the late 19th century, are the heart of this town of 29,000 people.
“These are jobs you can raise a family on,” said Granite City Mayor Ed Hagnauer. “Those are the jobs we’ve seen disappear.”
Trump imposed the tariffs of 25 percent on steel imports and 10 percent on aluminum in March. They are popular in Granite City, but problematic in other communities.
Major U.S. manufacturers as diverse as Caterpillar Inc , Ford Motor Co, Whirlpool Corp, Campbell Soup Co and Harley-Davidson Inc have said rising steel and aluminum prices will have to be passed on to consumers, offset with cost-cutting measures, or hurt profits.
Bill Hickey, chairman of Chicago-based Lapham-Hickey Steel, which has half a dozen U.S. steel processing plants, said he wants to help U.S. steelmakers, but is concerned rising prices will push manufacturers to duck tariffs by purchasing steel parts overseas.
“The main beneficiary would be China, which has plenty of surplus steel,” he said.
The tariffs are in effect for some countries, and a temporary exemption for Canada, Mexico and the European Union is supposed to expire on June 1.
Uncertainty over the tariffs’ future has left U.S. steel producers’ shares in limbo. U.S. Steel shares surged earlier this year but are now up just 1.6 percent in the year to date. Nucor Corp is also up just 1.6 percent for the year. COMPANY TOWN
Tariffs created Granite City.
The 1890 McKinley Tariff Act, which increased protective duties, acted as a catalyst for the nascent U.S. domestic steel industry and created Granite City in 1896.
Dominated by steel since, the city’s fortunes have mirrored the industry’s. Its population peaked at around 40,000 in the 1970s. U.S. steel-making’s decline is reflected in the faded glory of formerly grand brick buildings, like those in many Rust Belt cities.
Across the Mississippi from St Louis, Granite City sits in Madison County, which voted for Trump by a 15-point margin.
U.S. Steel has not disclosed its investment in restarting the blast furnace, which will have an annual capacity of 1.5 million tons of raw steel, but said in March the furnace would “support anticipated increased demand for steel” from Trump’s tariffs.
“People say tariffs could start a trade war,” said Dan Simmons, president of United Steelworkers’ Local 1899, which represents workers at the plant. “But we’ve been in a trade war for 15 years and we’ve been losing.”
Nucor has announced two investments since Trump’s tariff announcement, which a spokeswoman said were part of a long-term growth strategy.
“The impact should be even greater when the remaining tariff exemptions expire on June 1st,” the spokeswoman said.
Granite City business owners say the 500 new jobs - bringing U.S. Steel’s local workforce up to 1,300 - are a much-needed boost.
Joe Jones owns Joe’s Hog Doc opposite the plant. His business repairing and customizing Harley-Davidson bikes has more than doubled since Trump took office last year and continues to rise.
“The Trump effect is really working,” he said. “It’s making Granite City great again.” WHERE JOBS ARE AT RISK
Elsewhere, steel and aluminum price volatility following Trump’s tariff actions puts jobs at risk, company executives said.
Tim Chimera, director of metal procurement for North America at Norwegian aluminum maker Norsk Hydro, said aluminum consumers have been whipsawed by tariffs and by U.S. sanctions on the major shareholder of Russian aluminum producer United Company Rusal Plc. Norsk Hydro has warned those sanctions could lead to global supply shortages.
“The big risk I see is the threat to the business overall because of extremely volatile pricing,” Chimera said.
In March, Bob Miller, who heads U.S. operations at top Russian steelmaker Novolipetsk Steel PAO (NLMK), said the unit halted planned U.S. investments of more than $600 million and warned that its 1,200 U.S. workers’ jobs are at risk.
Miller now says his stocks of pre-tariff steel are dwindling, while Canadian rivals have exploited the tariff exemption.
Like many other companies, NLMK’s U.S. unit has applied for an exemption from the tariffs so it can import Russian steel slabs. Miller says the Trump administration’s response will likely determine whether he has to lay off workers.
For Granite City steelworker Dave Chrusciel, Trump’s commitment to steel tariffs is crucial. He calls himself a “hard-headed” Democrat, but voted for the Republican Trump because he believed the businessman could revive steel jobs.
Although only a year from retirement himself, Chrusciel says his future vote for Trump depends on the president “seeing it through” and keeping the tariffs in place.
“Many people here have a lot riding on the tariffs,” Chrusciel said. “Without them, this would be a ghost town.”
Map showing iron and steel manufacturing employment tmsnrt.rs/2Fc94hU in the United States. Reporting by Nick Carey Editing by Frances Kerry | RPT-Trump metals tariffs make Granite City great again, but at what cost? | [
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MADRID—Spain’s main opposition party Friday called a parliamentary vote in an effort to oust Prime Minister Mariano Rajoy from office, a day after a top court ruling piled further pressure on a ruling party that has suffered a decline in support.
The confidence vote, filed by the center-left Socialist Party and supported by the far-left Podemos, comes after the court ruled that the premier’s center-right Popular Party benefited financially from an illegal kickback scheme during the country’s property boom. It court handed... | Spain’s Opposition Seeks to Oust Rajoy in Confidence Vote | [
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Crude in the red 1 Hour Ago CNBC's Jackie DeAngelis discusses the dip in crude oil with Jeff Kilburg of KKM Financial and Jim Iourio of TJM Institutional Services. | Crude in the red | [
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BUNGE CEO: WITH IPO FILING, BUNGE SUGAR BUSINESS 'PREPARED TO STAND ON ITS OWN TWO FEET' | BUNGE CEO: WITH FILING, BUNGE SUGAR BUSINESS 'PREPARED TO STAND ON ITS OWN TWO FEET' | [
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WINDSOR, Conn., May 31, 2018 /PRNewswire/ -- Talcott Resolution (the "Company"), The Hartford's run-off life and annuity businesses, announced today the completion of the Company's acquisition by an investor group led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. Safra Group. Although Talcott Resolution is no longer affiliated with The Hartford Financial Services Group, Inc. or any of its subsidiaries, The Hartford will retain a 9.7 percent ownership interest in Talcott Resolution.
"We are pleased to have successfully completed this acquisition," said Richard Carbone, Chairman and Independent Director of Talcott Resolution. "In addition to continuing to manage the Company's existing businesses, we expect that over time Talcott Resolution will explore opportunities to acquire legacy blocks from other insurers, enter into reinsurance agreements and evaluate the potential to be a service provider for the life and annuity insurance industry."
Talcott Resolution will now be an independent stand-alone insurance company, headquartered in Windsor, Connecticut, with an office in Woodbury, Minnesota. As part of the transaction, approximately 375 employees of The Hartford are now employees of Talcott Resolution. After closing, the Company expects to reinsure approximately $9 billion of its fixed annuity, payout annuity and structured settlement businesses with a subsidiary of Global Atlantic Financial Group.
"Working in partnership with the investor group, we are excited about the opportunity to run and grow our platform of nearly $90 billion in assets and more than 700,000 contract holders," said Pete Sannizzaro, President and Chief Operating Officer of Talcott Resolution. "Together we will maintain our reputation for high quality risk management, continue to honor our obligations and operate with integrity."
"I speak on behalf of the Board when I say that Talcott Resolution's talented employees, wide array of capabilities and reputation for exceptional customer service strongly position the Company to pursue a broader strategy while providing continuity for existing contract holders, partners and employees," Mr. Carbone added.
About Cornell Capital
Cornell Capital LLC is a private investment firm that takes a value-driven approach to investing. Partnering with strong and entrepreneurial management teams, the firm seeks opportunities in market-leading businesses across the consumer, energy, financial and industrial sectors. Founder and Senior Partner Henry Cornell, who served as the Vice Chairman of Goldman Sachs' Merchant Banking Division prior to founding Cornell Capital in 2013, leads a staff of 19 professionals, including a highly-seasoned senior leadership team with decades of shared investing experience. The firm currently manages over $2.2 billion of assets and has offices in New York and Hong Kong.
About Atlas Merchant Capital
Atlas Merchant Capital LLC was founded to participate in compelling investment opportunities in the financial services sector. Based in New York and London, Atlas Merchant Capital was founded by Bob Diamond, former CEO of Barclays and David Schamis, former Managing Director of J.C. Flowers. Together with a highly seasoned team of partners, Atlas has developed a complementary partnership with extensive operating and investing expertise across the financial services landscape. For more information, visit www.atlasmerchantcapital.com
About TRB Advisors
TRB Advisors LP is a global direct investment business that seeks superior risk-adjusted returns across asset classes through a long-term, patient and flexible investment mandate. Founded in 2010, TRB invests the capital of its Chairman, Timothy R. Barakett. The firm's team of investment professionals is led by Heath L. Watkin, President and Chief Investment Officer, and operates from TRB's offices in New York City. For more information, visit www.trbadvisors.com
About Global Atlantic Financial Group
Global Atlantic Financial Group, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. A variety of options help Americans customize a strategy to fulfill their protection, accumulation, income, wealth transfer and end-of-life needs. In addition, Global Atlantic offers custom solutions and responsive service for the capital, risk and legacy-business management of life and annuity insurance companies.
Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Its success is driven by a unique heritage that combines deep product and distribution knowledge with insightful investment and risk management capabilities, alongside a strong financial foundation of over $60 billion in assets as of March 31, 2018.
About Pine Brook
Pine Brook is an investment firm that manages more than $6.0 billion of limited partner commitments. Pine Brook focuses on making "business building" investments, primarily in energy and financial services businesses. Pine Brook's team of investment professionals collectively has over 300 years of experience financing the growth of businesses with equity, working alongside talented entrepreneurs and experienced management teams to build businesses of scale without relying on acquisition leverage. For more information about Pine Brook, please visit the company's web site at www.pinebrookpartners.com .
About J. Safra Group
The J. Safra Group (the "Group"), with total assets under management of over USD 249 billion and aggregate stockholders equity of USD 18.9 billion, is controlled by the Joseph Safra family. The Group consists of privately owned banks under the Safra name and investment holdings in asset based business sectors such as real estate and agribusiness. The Group's real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. There are more than 31,000 employees associated with the J. Safra Group.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com . Follow us on Twitter at www.twitter.com/TheHartford_PR .
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford's legal notice .
Investor Group Media Contact
Jonathan Keehner / Julie Oakes / Kate Clark
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
View original content with multimedia: http://www.prnewswire.com/news-releases/investor-group-completes-acquisition-of-talcott-resolution-from-the-hartford-300657527.html
SOURCE Talcott Resolution | Investor Group Completes Acquisition of Talcott Resolution from The Hartford | [
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(Repeats with no changes to text. The opinions expressed here are those of the author, a columnist for Reuters.)
By Jamie McGeever
LONDON, May 16 (Reuters) - The U.S. bond market is at a turning point, with the 10-year yield finally making a convincing break above 3 percent, paving the way for a more prolonged rise in U.S. borrowing costs.
This is pushing the dollar to its highest level this year, threatening a similarly prolonged rise in the U.S. currency and a double tightening whammy for global financial conditions. Trillions of dollars of loans around the world, especially in emerging markets, are tied to U.S. yields and the dollar.
Whether this trend continues may depend on what hedge funds and speculators do next. In the decade since the 2008 crisis, there has been a pretty good correlation between turning points in speculators’ positioning and turning points in the dollar and U.S. bond market.
If that relationship is to hold up this time around, the dollar could continue to strengthen but it’s less clear where bond yields go.
Commodity Futures Trading Commission figures show that late last month hedge funds and specs held a record net short position in 10-year Treasuries and a record net long euro position. Their overall net dollar position was the biggest short in seven years.
They’ve started to unwind those positions. The euro has fallen almost 5 percent against the dollar and the 10-year yield has struggled to make that break above 3 pct. Until now.
Let’s start with Treasuries.
Rising yields will draw investment into U.S. bonds from across the investment community, including pension funds, insurance funds, multi-asset portfolio managers and FX reserve managers. These flows will act as a downward force on yields.
Despite the recent short covering, CFTC specs’ outstanding net short position remains massive at over 400,000 contracts. Do they continue to cover, or do they increase that short position with the yield now at a seven-year high of 3.07 pct and threatening to go higher still?
The inverse correlation between CFTC spec positions and the 10-year yield has held up for much of the post-crisis decade, barring the 2013-15 period.
In early 2009 CFTC specs went from broadly neutral to a then record net short of 275,000 contracts in April 2010. The yield shot up from just under 3.00 pct to 3.95 pct.
A flip to a net long position just under 100,000 contracts by the end of that year coincided with the yield falling back to 2.40 pct.
A build up of long positions over 2012 culminated in a net long of over 200,000 contracts in December that year. The yield bottomed out in July just under 1.5 pct.
The next time CFTC positions rose to a historically high net long, around 185,000 contracts in July 2016, the yield was down at a multi-decade low of 1.32 pct.
By May 2017, CFTC specs had amassed a large net long position of more than 360,000 contracts and the yield had eased back down towards 2 pct from 2.60 pct.
The subsequent liquidation and flip to record net short of over 460,000 contracts within a year has coincided with the yield rising above 3 pct for the first time since 2014.
If we take the CFTC euro position as a proxy for the dollar, we again see a close correlation between position turning points and the euro.
In May 2007 speculators were net long a record 119,000 contracts, but the euro didn’t peak until a year later at just under $1.60.
The correlation tightened between 2009 and 2015. A then record net short 110,000 contracts in May 2010 coincided with the euro at a four-year low of $1.20, before both flipped over the next year to a net long 100,000 contracts and $1.48.
The deepening euro crisis triggered something of a speculative run on the euro, culminating in then record short position of 214,000 contracts in June 2012, a month before Mario Draghi’s “whatever it takes” speech.
The euro bottomed out at $1.2150 in July, and as CFTC spec positions flipped to 72,000 net long in October 2013 the euro rose to $1.39 a month later.
The euro then went into steep decline, and looked like breaking below parity with the dollar in early 2015. It troughed at just under $1.05 in March that year, just as specs amassed what remains a record net short position of 226,000 contracts.
The relationship broke down over the next 18 months or so but picked up again in early 2017 - CFTC specs went from a net short 140,000 contracts to a record long 151,000, and the euro rallied from under $1.05 to $1.25 a few months ago.
If the current longs are liquidated, the euro’s slide could have much further to run.
Reporting by Jamie McGeever Graphics by Jamie McGeever Editing by Matthew Mpoke Bigg
| RPT-COLUMN-Hedge funds may hold key to higher U.S. bond yields, dollar: McGeever | [
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JOHANNESBURG (Reuters) - The leader of South Africa’s North West province resigned on Wednesday in the face of pressure from President Cyril Ramaphosa and weeks of violent protests against his rule over the platinum-rich region.
The pressure on Supra Mahumapelo is evidence of Ramaphosa’s drive to root out graft since he replaced former president Jacob Zuma in February. Ramaphosa met Mahumapelo, who is an ally of Zuma, to try to persuade him to step down.
Protesters took to the streets of the province’s capital Mahikeng in April demanding Mahumapelo’s resignation and accusing him of mishandling state tenders and overseeing the collapse of the local health system.
Mahumapelo initially refused to step down, saying he was being unfairly targeted for supporting Zuma’s ex-wife in the closely fought race for leader of the African National Congress (ANC) won by Ramaphosa in December.
The length of the tussle over Mahumapelo’s tenure shows Ramaphosa’s cautious leadership style and the power that Zuma loyalists retain within the ANC, which is Africa’s oldest liberation movement.
Mahumapelo denies wrongdoing and said he yielded to pressure to resign to dispel fears that he could influence dozens of investigations into mismanagement in the province.
“I think it will be better for one to go on early retirement,” Mahumapelo told a news conference at the ANC’s headquarters in downtown Johannesburg.
He has led North West since 2014 and defended his record on the region’s economy, which he said was growing at over 2 percent. He accused “counter-revolutionaries” of stirring up public anger against his rule.
ANC Secretary General Ace Magashule, one of the party’s top six most powerful officials who is also seen as being close to Zuma, told the same news conference that the ruling party supported Mahumapelo’s resignation.
Ramaphosa placed the North West under central government control earlier this month and deployed army medics to hospitals to treat patients after cutting short a visit to a Commonwealth summit in Britain to travel to the province.
Police last month fired tear gas at protesters who blocked roads, set alight cars and looted shops in and around Mahikeng.
Jessie Duarte, ANC Deputy Secretary General, said the national government would remain in control of the North West while it got to the bottom of the problems there.
She said the ANC was united behind Ramaphosa and dismissed talk of a lingering struggle for control of the party between rival factions.
“We have to move forward,” Duarte said. “For the next five years this is the leadership of the ANC led by President Cyril Ramaphosa.”
Editing by Matthew Mpoke Bigg
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May 15 (Reuters) - Ratings firm Fitch raised Vietnam’s long-term foreign-currency issuer default rating (IDR) to ‘BB’ from ‘BB-‘, with a stable outlook, the agency said.
The ratings agency said the upgrade reflects Vietnam’s improving policy-making aimed at strengthening macroeconomic performance. (Reporting by Subrat Patnaik in Bengaluru Editing by Shri Navaratna)
| Fitch raises Vietnam sovereign credit rating to 'BB' from 'BB-' | [
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ROME (Reuters) - An Italian tribunal has lifted a ban on veteran center-right leader Silvio Berlusconi from holding public office, meaning he could run to be prime minister in the next national election.
FILE PHOTO: Forza Italia party leader Silvio Berlusconi leaves after a meeting with Italian President Sergio Mattarella during the second day of consultations at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/File Photo However, the decision might have come just too late for the 81-year-old four-times premier, who only three days ago gave his blessing to his political ally the League to form a government without him in the wake of a disappointing election result.
Berlusconi was convicted of tax fraud in 2013, triggering his expulsion from the upper house of parliament and a bar on holding any elected position for six years.
However, in a decision made public on Saturday, a court in the northern city of Milan which oversees the application of sentences ruled that the bar could be lifted a year early because of “good conduct”.
“Finally five years of injustice has come to end,” Berlusconi’s Forza Italia party said in a statement. “Berlusconi can once again be a candidate.”
Berlusconi campaigned actively ahead of a March 4 national election even though he was not a candidate. But Forza Italia did not perform as well as he had expected, slipping behind the League to lose its top spot in the center-right bloc.
Berlusconi blamed the poor showing on the fact that voters knew he could not be prime minister.
The center-right emerged as the single largest force at the March vote, while the anti-establishment 5-Star Movement emerged as the biggest individual party.
Neither side won enough seats to govern alone and efforts to put together a coalition were complicated by 5-Star’s refusal to work with Forza Italia, saying Berlusconi symbolized political corruption in Italy.
After more than nine weeks of stalemate, and with fresh elections looking increasingly likely, Berlusconi on Wednesday finally gave his blessing to the League to seek a coalition deal without Forza Italia.
Negotiations between the League and 5-Star are continuing, with President Sergio Mattarella giving them until Monday to strike an accord. Both parties say that if they fail to agree terms, the only solution would be a revote, perhaps in July.
A political source, who declined to be named, said the fact Berlusconi was now free to run might make him less amenable to a League/5-Star government and could work to make life difficult for it in parliament, should it take office.
The billionaire media tycoon was written off after he quit as prime minister in 2011 amid a sex scandal involving his “bunga bunga” parties, while Italian bond yields surged to unsustainable levels at the height of the euro zone debt crisis.
However, he has fought hard to remain politically relevant.
Last year he appealed to the European Court of Human Rights to overturn the ban on holding public office. A verdict is still awaited but the Milan ruling makes it irrelevant.
Reporting by Crispian Balmer; Editing by Peter Graff
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Company used $2.2 million for the quarter and $6.4 million for the fiscal year of cash in operating activities to significantly advance its technology and fund its growth strategy
Raised $8.6 million through a private placement of common stock
Expanded its pilot plant to increase capacity and demonstrate continuous operations
Announced strategic initiative with evian ®
MONTREAL, May 14, 2018 (GLOBE NEWSWIRE) -- Loop™ Industries, Inc. (NASDAQ:LOOP) (the “Company” or “Loop”), an innovative technology company leading the sustainable plastic revolution, today announced financial results for its fourth quarter and fiscal year ended February 28, 2018.
“We continue to make meaningful progress towards the expected commercialization of our revolutionary technology,” said Daniel Solomita, Loop’s Founder and CEO. “We announced our partnership with evian®, and we were honored to demonstrate with them our technology for media outlets at the World Economic Forum Annual Meeting in Davos, Switzerland. We are expanding and upgrading our pilot plant to increase capacity and demonstrate continuous operations and are also in discussions to begin manufacturing of Loop branded PET plastic with potential manufacturing partners. We would like to thank our shareholders for their continued support and belief in Loop’s potential to disrupt the global polyester plastics market.”
Financial Highlights Three months ended February 28,
Years ended February 28,
(in US dollars, except per share information) 2018 2017 2018 2017 Revenues $ - $ - $ - $ - Research and development expenses 1,353,015 236,840 6,694,778 1,454,440 General and administration expenses 2,174,454 1,246,274 6,865,748 2,280,281 Depreciation and amortization 86,160 107,049 367,176 397,445 Foreign exchange loss (gain) 21,042 (15,285 ) 109,676 (18,165 ) Total operating expenses 3,634,671 1,574,878 14,037,378 4,114,001 Net loss $ (3,634,671 ) $ (1,574,878 ) $ (14,037,378 ) $ (4,114,001 ) Basic and diluted loss per share $ (0.11 ) $ (0.05 ) $ (0.43 ) $ (0.13 ) Net cash used in operating activities $ (2,216,043 ) $ (754,559 ) $ (6,391,486 ) $ (2,833,490 ) Fourth Quarter 2018 Financial Results
Loop reported a net loss of $3.6 million for the three-month period ended February 28, 2018 compared to a net loss of $1.6 million for the same period in the prior year. The increase in net loss of $2.0 million is primarily due to increased research and development expenses of $1.1 million as well as increased general and administrative expenses of $0.9 million.
Research and development expenses amounted to $1.3 million, compared to $0.2 million for the same period in the prior year. The increase was driven primarily by higher employee related expenses of $0.6 million, including $0.5 million of non-cash stock-based compensation expense, and $0.5 million of design, planning and engineering costs costs related to the expansion of the Company’s pilot plant.
General and administrative expenses increased $0.9 million to $2.1 million, compared to $1.2 million for the same period last year. The increase was primarily driven by higher employee related expenses of $0.9 million associated with the increased number of employees, including $0.7 million of non-cash stock-based compensation expense, offset by a non-recurring stock-based compensation expense of $0.8 million in the fourth quarter of 2017, as well as higher legal, consulting and accounting fees of $0.7 million related to the Company’s next phase of its commercialization.
Net cash used in operating activities amounted to $2.2 million for the three-month period as compared to $0.8 million for the same period last year. The increase is due primarily to higher operating expenses as mentioned above.
Fiscal Year Ended February 28, 2018 Financial Results
Loop reported a net loss of $14.0 million for the fiscal year ended February 28, 2018 compared to a net loss of $4.1 million for fiscal year 2017. The increase in net loss of $9.9 million is primarily the result of higher research and development costs of $5.3 million and increased general and administrative expenses of $4.6 million.
Research and development expenses amounted to $6.7 million compared to $1.5 million for the prior year. The increase was driven primarily by higher employee related expenses of $3.9 million, including $3.5 million of non-cash stock-based compensation, as well as $1.2 million of design, planning and engineering costs related to the expansion of the Company’s pilot plant.
General and administrative expenses totaled $6.9 million compared to $2.3 million for the same period in fiscal 2017. The $4.6 million increase was primarily attributable to higher employee related expenses of $2.9 million, including $2.1 million of non-cash stock-based compensation expense, partially offset by a non-recurring stock-based compensation expense of $0.8 million in the fourth quarter of 2017 as well as higher legal, consulting and accounting fees of $1.6 million related to the Company’s next phase of its commercialization.
Net cash used in operating activities amounted to $6.4 million compared to $2.8 million for the prior year. The increase is mainly due to higher operating expenses as mentioned above.
Strategic Initiative with evian ®
In January 2018, the Company announced a strategic initiative with evian® to enable evian’s 100% “circular approach” to plastic usage by 2025. This initiative is in line with Loop’s mission to help global consumer brands achieve their stated goals for sustainability.
Cash Position and Liquidity
In January 2018, the Company issued 687,667 common shares and warrants to purchase up to 171,916 common shares with 31,250 warrants exercised for gross proceeds of $8.6 million.
The Company ended the year with $8.1 million of cash and continues to evaluate options to raise capital to finance its growth strategy and commercialization of its disruptive technology for sustainable plastic.
Purchase of the Company’s Corporate Offices and Demonstration Facility
In January, the Company purchased the land and building housing its pilot plant in Terrebonne, Québec, which is the site of its Innovation Hub and corporate office, for a total consideration of $2.2 million, partially funded with a $1.1 million debt facility. The pilot plant was expanded and upgraded to optimize Loop’s disruptive technology with continuous operations.
About Loop Industries, Inc.
Loop’s mission is to accelerate the world’s shift toward sustainable plastic and away from our dependence on fossil fuels. Loop has created a revolutionary technology poised to disrupt the plastics industry. This ground-breaking technology decouples plastic from fossil fuels by depolymerizing waste polyester plastic to its base building blocks (monomers). The monomers are then repolymerized to create virgin-quality polyester plastic that meets FDA requirements for use in food-grade packaging. Loop™ branded polyester resin enables consumer goods companies to meet and exceed their stated sustainability goals and circular ambitions.
For more information, please visit www.loopindustries.com .
Cautionary Statements Regarding Forward-Looking Statements
This news release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. These forward-looking statements are based on our current assumptions, expectations and beliefs and are subject to substantial risks, estimates, assumptions, uncertainties and changes in circumstances that may cause the Company’s actual results, performance or achievements, as well as the Company’s expectations regarding materiality or significance and the restatement’s quantitative effects, to differ materially from those expressed or implied in any forward-looking statement. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: commercialization of our technology and products, our need for and ability to obtain additional financing, our ability to continue as a going concern, industry competition, regulatory and other legal compliance, adverse effects on the Company’s business and operations as a result of increased regulatory, media or financial reporting issues and practices, rumors or otherwise, the volatility of the Company’s stock price and other risks described more fully in the Company’s filings with the SEC. In addition, please refer to the risk factors contained in the Company’s SEC filings, including without limitation, our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, which are available on the SEC's website at http://sec.gov . Further information on potential risks that could affect actual results will be included in other filings we make with the SEC from time to time. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this release. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. Because the risks, estimates, assumptions and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements.
Any forward-looking statement speaks only as of the date hereof, and, except as required by law, the Company assumes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date hereof.
Contact
Frank Zitella
Chief Financial Officer and Treasurer
Tel.: (450) 951-8555
[email protected]
Loop Industries, Inc.
Consolidated Statements of Operations
Years Ended February 28, 2018 2017 Revenue $ - $ - Operating Expenses - Research and development 6,694,778 1,454,440 General and administrative 6,865,748 2,280,281 Depreciation and amortization 367,176 397,445 Foreign exchange loss (gain) 109,676 (18,165 ) Total operating expenses 14,037,378 4,114,001 Net loss $ (14,037,378 ) $ (4,114,001 ) Loss per share Basic and diluted $ (0.43 ) $ (0.13 ) Weighted average common shares outstanding Basic and diluted 32,642,741 31,102,004 Loop Industries, Inc.
Condensed Consolidated Balance Sheets
As at February 28, 2018 2017 Assets Current assets Cash $ 8,149,713 $ 916,487 Other current assets 876,207 146,074 Total current assets 9,025,920 1,062,561 Property, plant and equipment, net 4,036,903 1,566,969 Intangible assets, net 332,740 308,000 Total assets $ 13,395,563 $ 2,937,530 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities $ 1,983,072 $ 161,536 Advance from majority stockholder - 638,472 Current portion of long-term debt 54,649 - Total current liabilities 2,037,721 800,008 Long-term debt 1,033,777 - Total liabilities 3,071,498 800,008 Stockholders' Equity Total stockholders' equity 10,324,065 2,137,522 Total liabilities and stockholders' equity $ 13,395,563 $ 2,937,530 Loop Industries, Inc.
Condensed Consolidated Statements of Cash Flows
Years Ended February 28, 2018 2017 Cash Flows from Operating Activities Net loss $ (14,037,378 ) $ (4,114,001 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 367,176 397,445 Shares issued for services and settlement - 69,498 Warrants issued for services 6,281,319 135,673 Restricted stock units issued for services 265,994 - Common stock issuable for services - 800,000 Changes in working capital 731,403 (122,105 ) Net cash used in operating activities (6,391,486 ) (2,833,490 ) Cash Flows from Investing Activities Additions to property, plant and equipment (2,710,053 ) (513,022 ) Additions to intangible assets (88,319 ) - Net cash used in investing activities (2,798,372 ) (513,022 ) Cash Flows from Financing Activities Proceeds from sales of common shares and exercise of warrants, net of share issuance costs 15,694,497 3,986,016 Repayment of advances from majority stockholder (278,472 ) - Proceeds from issuance of long-term debt 1,092,980 - Repayment of long-term debt (4,554 ) - Net cash provided by financing activities 16,504,451 3,986,016 Effect of exchange rate changes (81,367 ) (145,603 ) Net change in cash 7,233,226 493,901 Cash, beginning of period 916,487 422,586 Cash, end of period $ 8,149,713 $ 916,487
Source:Loop Industries, Inc. | Loop Industries Reports Fourth Quarter and Fiscal 2018 Consolidated Results | [
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HONOLULU, May 22 (Reuters) - A new lava flow from Hawaii’s erupting Kilauea volcano edged towards a geothermal power plant on Tuesday after destroying a warehouse at the facility, after the volcano entered a more violent phase at the weekend.
Workers at the now closed Puna Geothermal Venture, which provided around 25 percent of electricity on Hawaii’s Big Island, scrambled to cap the last of three deep wells to reduce the risks of an uncontrolled release of toxic gases should they be inundated by lava.
The race at the site marked the latest challenge facing authorities during what geologists call an unprecedented, simultaneous eruption at Kilauea’s summit and from giant volcanic cracks or fissures 25 miles (40 km) down its eastern flank.
A lava flow from one of the fissures entered the 815-acre (330-hectare) geothermal plant complex on Monday night and destroyed a warehouse, County of Hawaii government spokeswoman Janet Snyder said.
Another fissure reactivated on Tuesday and sent lava flowing slowly in the direction of the plant, County of Hawaii Civil Defense said in a tweet.
Snyder said none of the wells were in imminent danger, as the flow was barely moving and still several hundred yards (meters) from the plant.
The latest explosive eruption at the Kilauea summit at around 1 a.m. (6 a.m. EST) sent a plume of ash over Hawaii’s Big Island, the Hawaiian Volcano Observatory reported in a statement.
“Communities downwind should be prepared for ashfall as long as this activity continues,” the observatory said.
MORE VIOLENT PHASE The geothermal plant has been closed since shortly after lava began erupting on May 3 through newly opened fissures in the ground running through neighborhoods and roads in an area near the community of Pahoa.
The state has pumped cold water into the wells and capped them with iron plugs.
The plant’s wells run 6,000 to 8,000 feet (1,830-2,438 meters) underground to tap into extremely hot water and steam used to run turbines and produce electricity.
About 3 miles (4.8 km) to the east of the plant on the coast, noxious clouds of acid fumes, steam and fine glass-like particles billowed into the sky as lava poured into the ocean from two flows.
Laze — a term combining the words “lava” and “haze” — is formed when erupting lava, which can reach 2,000 degrees Fahrenheit (1,093 degrees Celsius), reacts with sea water. It is potentially deadly if inhaled and killed two people when a lava flow reached the coast in 2000.
Kilauea’s eruption, which has already produced nearly two dozen lava-spewing fissures, entered a more violent phase at the weekend, producing larger volumes of molten rock from fissures.
At least 47 homes and other structures have been destroyed in the Leilani Estates and Lanipuna Gardens area of the Puna district, and a man was seriously injured on Saturday by flying lava.
Some 2,000 people have been ordered from their homes due to lava flows and toxic sulfur dioxide gas. Several hundred are staying at three Red Cross shelters in the area, including some staying in tents outside with their pets. (Reporting by Jolyn Rosa; Writing by Andrew Hay; Editing by Bill Tarrant and Sandra Maler)
| Lava flow torches warehouse at Hawaii geothermal plant | [
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May 1 (Reuters) - Beijing Teamsun Technology:
* SAYS UNIT SIGNS MOU WITH ALIBABA CLOUD (SINGAPORE) PRIVATE LIMITED ON COOPERATION IN HONG KONG AND MACAU MARKETS Source text in Chinese: bit.ly/2HJWt3F Further company coverage: (Reporting by Hong Kong newsroom)
| BRIEF-Beijing Teamsun Technology's Unit Signs MoU With Alibaba Cloud (Singapore) | [
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May 25 (Reuters) - SANOK RUBBER COMPANY SA (Sanok) :
* SAID ON THURSDAY SHAREHOLDERS ARE TO VOTE ON FY 2017 DIVIDEND OF 3.0 ZLOTY PER SHARE ON JUNE 27
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| BRIEF-Sanok Plans Fy 2017 Dividend Of 3.0 Zloty/Shr | [
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MILPITAS, Calif., May 7, 2018 /PRNewswire/ -- Aviat Networks, Inc. ("Aviat Networks" or the "Company") (NASDAQ: AVNW), the leading expert in microwave networking solutions, today announced that it will be reporting its fiscal 2018 third quarter and nine-month results for the period ended March 30, 2018 on Monday, May 14, 2018. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its financial results and outlook on Monday, May 14, 2018 at 4:30 p.m. Eastern / 1:30 p.m. Pacific.
Speaking from management will be Michael Pangia, President and Chief Executive Officer, and Ralph Marimon, Senior Vice President and Chief Financial Officer. Following management's remarks, there will be a question and answer period. To listen to the live conference call, please dial toll-free (US/CAN) 866-562-9910 or toll-free (INTL) 661-378-9805, conference ID: 1585858. We ask that you dial-in approximately 10 minutes prior to the start time. Additionally, participants are invited to listen via webcast, which will be broadcasted live and via replay approximately two hours after the call is completed at http://investors.aviatnetworks.com/events.cfm .
About Aviat Networks
Aviat Networks, Inc. (NASDAQ: AVNW) is a leading global provider of microwave networking solutions transforming communications networks to handle the exploding growth of internet protocol (IP)-centric, multi-gigabit data services. With more than one million systems sold over 140 countries, Aviat Networks provides long-term evolution (LTE)-proven microwave networking solutions to mobile operators, including some of the largest and most advanced 4G/LTE networks in the world. Public safety, utility, government and defense organizations also trust Aviat Networks' solutions for their mission-critical applications where reliability is paramount. In conjunction with its networking solutions, Aviat Networks provides a comprehensive suite of localized professional and support services enabling customers to effectively and seamlessly migrate to next generation carrier ethernet/IP networks. For more than 50 years, customers have relied on Aviat Networks' high performance and scalable solutions to help them maximize their investments and solve their most challenging network problems. Headquartered in Milpitas, California, Aviat Networks operates in more than 100 countries around the world. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Twitter, Facebook and LinkedIn.
Investor Relations:
Glenn Wiener
GW Communications for Aviat Networks, Inc.
Tel: 212-786-6011 / Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/aviat-networks-sets-date-for-its-fiscal-2018-third-quarter-and-nine-month-results-300643947.html
SOURCE Aviat Networks, Inc. | Aviat Networks Sets Date for its Fiscal 2018 Third Quarter and Nine-Month Results | [
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SOCHI, Russia (Reuters) - Russian President Vladimir Putin said on Tuesday that 14 missile regiments would receive the new Yars intercontinental missile complexes to replace their old Topol complexes this year as part of a build-up of the state’s armed forces.
Russian President Vladimir Putin (C) delivers a speech during a ceremony opening a bridge, which was constructed to connect the Russian mainland with the Crimean Peninsula across the Kerch Strait, Crimea May 15, 2018. Alexander Nemenov/Pool via REUTERS Putin, whose relations with the West have deteriorated, said previously he does not want an arms race, while warning potential enemies that his country has developed a new generation of invincible weapons to protect itself.
At a meeting with defense ministry officials in the Black Sea city of Sochi on Tuesday, Putin added that the national defense industry would also receive modernized missile-carrying bombers in 2018.
“In the course of the year, the air part of a nuclear triad will receive modernized missile-carrying bombers TU-95MS and TU-160 armed with modern cruise long-range missiles Kh-101 and Kh-102,” he said.
He also told officials that the defense sector should finish the development and prepare for manufacturing the S-500 surface-to-air anti-ballistic missile system capable of intercepting targets at the highest altitudes including near space.
Reporting by Denis Pinchuk; writing by Denis Pinchuk and Polina Devitt; editing by Hugh Lawson
Our Standards: The Thomson Reuters Trust Principles. | Putin says Russia's defense industry to get new Yars missile complexes in 2018 | [
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May 22 (Reuters) -
* TESLA HAS HIRED SNAP'S VICE PRESIDENT OF MONETIZATION, STUART BOWERS, TO BE CO'S VICE PRESIDENT OF ENGINEERING - CHEDDAR, CITING SOURCES Source text - bit.ly/2x22GXH
| BRIEF-Tesla Hires Snap's VP Of Monetization, Stuart Bowers, To Be Co's VP Of Engineering - Cheddar | [
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FRISCO, Texas, May 1, 2018 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of comprehensive home care services, today announced that it has completed the purchase of Ambercare Corporation, Inc., a provider of personal care, hospice and home health services, headquartered in Albuquerque, New Mexico. Ambercare currently serves approximately 2,600 consumers through 15 locations located across New Mexico and, for 2017, generated revenue of approximately $57 million. Addus funded the purchase price of $40.0 million (net of excess cash) through the delayed draw term loan portion of its credit facility.
Dirk Allison, President and Chief Executive Officer of Addus, commented, "We welcome the team from Ambercare, a long-time provider of high quality home care services, to Addus. We are pleased to complete this transaction, which is consistent with the central elements of our acquisition strategy. It builds on our already strong presence in New Mexico to give us market leading positions; it expands our scope of home care services in the market; and it is expected to be immediately accretive to our earnings. We are particularly excited to supplement our service offering with hospice services through this acquisition. Our management team has deep experience in the hospice industry, and we intend to continue to grow this segment of the business.
This transaction is the second large acquisition we have completed in the past 30 days. These deals reflect our growing acquisition pipeline, which we expect will continue to help us expand our market share and diversify our client base in targeted markets. With a strong financial position and substantial cash flow from operations, we believe we are well-positioned both to fund our organic growth and execute additional accretive acquisitions during 2018."
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as "will," "continue," "expect," "believe" and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, anticipated transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare's relationships with referral sources, increased competition for Addus HomeCare's services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize and other risks set forth in the Risk Factors section in Addus HomeCare's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2017, which is available at www.sec.gov . Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized.
About Addus
Addus is a provider of comprehensive home care services that include, primarily, personal care services that assist with activities of daily living, as well as hospice and home health services. Addus' consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus' payor clients include federal, state and local governmental agencies, managed care organizations, commercial insurers and private individuals. Addus currently provides home care services to approximately 39,000 consumers through 156 locations across 25 states. For more information, please visit www.addus.com.
View original content: http://www.prnewswire.com/news-releases/addus-homecare-completes-purchase-of-ambercare-300639613.html
SOURCE Addus HomeCare Corporation | Addus HomeCare Completes Purchase Of Ambercare | [
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GFG Alliance CIO: Tariffs are not helpful 18 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | GFG Alliance CIO: Tariffs are not helpful | [] |
NEW YORK--(BUSINESS WIRE)-- Assurant, Inc. (NYSE: AIZ), a global provider of risk management solutions, announced that its Board of Directors declared dividends of its common and preferred stock as follows:
Common - a quarterly dividend of $0.56 per share of common stock. The dividend will be payable on June 19, 2018 to stockholders of record as of the close of business on May 29, 2018.
Preferred – a quarterly dividend of $1.6792 per share of 6.50% mandatory convertible preferred stock (NYSE: AIZP). The dividend will be payable on June 15, 2018 to stockholders of record as of the close of business on June 1, 2018.
Future dividend declarations will be made at the discretion of the Assurant Board of Directors and will be dependent upon the company's earnings, financial condition, capital requirements, future prospects, regulatory and other restrictions, among other factors.
About Assurant
Assurant, Inc. (NYSE: AIZ) is a global provider of risk management solutions, protecting where consumers live and the goods they buy. A Fortune 500 company, Assurant focuses on the housing and lifestyle markets, and is among the market leaders in mobile device protection and related services; extended service contracts; vehicle protection; pre-funded funeral insurance; renters insurance; lender-placed homeowners insurance; and mortgage valuation and field services. With approximately $32 billion in assets and $6 billion in annualized revenue as of March 31, 2018, Assurant has a market presence in 16 countries, while its Assurant Foundation works to support and improve communities. Learn more at assurant.com or on Twitter @AssurantNews .
###
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005441/en/
Assurant, Inc.
Media:
Linda Recupero, 212.859.7005
Senior Vice President, Enterprise Communication
[email protected]
or
Investor Relations:
Suzanne Shepherd, 212.859.7062
Vice President, Investor Relations
[email protected]
or
Sean Moshier, 212.859.5831
Manager, Investor Relations
[email protected]
Source: Assurant, Inc. | Assurant Board of Directors Declares Quarterly Dividends on its Common and Preferred Stock | [
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May 11, 2018 / 12:51 AM / Updated 10 hours ago Golf - 'Super group' fizzle as Woods, Fowler and Mickelson struggle Andrew Both 3 Min Read
PONTE VEDRA BEACH, Fla. (Reuters) - The so-called ‘super group’ at the Players Championship turned into a super flop as Tiger Woods, Phil Mickelson and Rickie Fowler fizzled in the first round on Thursday. May 10, 2018; Ponte Vedra Beach, FL, USA; Tiger Woods after the first round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: John David Mercer-USA TODAY Sports
Woods was best of the bunch with an even-par 72 but that was hardly what the PGA Tour had in mind when it grouped the best two players of their generation with the popular Fowler at TPC Sawgrass.
What started as a massive early afternoon gallery thinned out to only a few hundred spectators by the 15th hole, though considerably more waited at the island-green par-three 17th for some end-of-day fireworks.
They instead saw damp squibs, as Mickelson and Fowler both found water at the 17th for matching double-bogeys.
Woods, meanwhile, safely negotiated the penultimate hole with a par, only to yank an iron tee shot into the water at the par-four 18th, his safety-first strategy backfiring. May 10, 2018; Ponte Vedra Beach, FL, USA; Rickie Fowler plays his shot from the ninth tee during the first round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Peter Casey-USA TODAY Sports
He did well to salvage bogey, ending the day six strokes behind the six tied for the lead, who include world number one Dustin Johnson and Swede Alex Noren.
Woods at least gave fans one moment of excitement when he rolled in a 20-foot putt for eagle from the fringe at the par-five ninth.
“Boy, it was nice to turn the round completely around there,” he said, before assessing the gallery. May 10, 2018; Ponte Vedra Beach, FL, USA; Phil Mickelson plays his shot from the fifth tee during the first round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports
“They were into it early. Towards the back nine it started getting a little sparse. I think they might have tipped back a couple and got a little sleepy.”
The quality of the golf did little to keep fans awake.
Fowler shot 74, while Mickelson signed for a 79 after dropping seven shots in four holes from the 14th.
Mickelson looked more like an office worker than a golf pro in his long-sleeve buttoned shirt, and like many a middle-aged salary man, he had an afternoon energy issue.
“I was worried about energy this week. And I just kind of ran out at the end,” he said.
The same threesome will be back for a Friday morning encore, when Woods expects them to strike some better notes.
“If it stays calm in the morning, you’ll see a bunch of guys go low,” he said. Reporting by Andrew Both; Editing by Ian Ransom | Golf - 'Super group' fizzle as Woods, Fowler and Mickelson struggle | [
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May 31 (Reuters) - TXCELL SA:
* TXCELL NAMES LONZA AS ITS CAR-TREG CELLULAR PRODUCT MANUFACTURER
* LONZA PHARMA & BIOTECH TO MANUFACTURE CLINICAL BATCHES OF TXCELL’S HLA-A2 CAR-TREG CELLULAR PRODUCT FROM ITS PRODUCTION SITE IN GELEEN
* MASTER SERVICE AGREEMENT SIGNED BETWEEN LONZA PHARMA & BIOTECH AND TXCELL FOR MANUFACTURE OF TXCELL’S HLA-A2 CAR-TREG CELLULAR PRODUCT Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| BRIEF-Txcell Names Lonza As Its Car-Treg Cellular Product Manufacturer | [
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BEIJING (Reuters) - China jailed a Tibetan businessman for five years on Tuesday for “inciting separatism”, his lawyer said, after he advocated the use of Tibetan in schools and was featured in international media reports.
Tashi Wangchuk appeared in a New York Times video in January 2016 in which he spoke about his efforts to protect the right of Tibetans to attend school taught in their mother tongue.
In the report, he also travelled to Beijing to seek an audience with the central government and told the Times that he was not calling for Tibetan independence.
Chinese troops entered prominently Buddhist Tibet in 1950 in what Beijing calls a peaceful liberation of the region and says that it brought prosperity and freedom to what was a backward and feudal society, including freeing a million people from serfdom.
During a trail in January in northwest China’s Yushu prefecture in Qinghai province, the Times’ video report was heavily cited as evidence for the charges of inciting separatism brought against Tashi Wangchuk, his lawyers said at the time.
Liang Xiaojun, one of Tashi Wangchuk’s lawyers, said on Tuesday that Tashi Wangchuk was found guilty and handed a five-year prison sentence, but declined to give further details.
Liang said on Twitter, which is banned in China, that he was unable to give interviews to foreign media as his law firm was under yearly review by China’s legal authorities but that he maintained his belief in Tashi Wangchuk’s innocence.
A person who answered the phone at the Yushu Intermediate People’s Court said that they were unaware of the case.
China maintains that it protects the rights of all ethnic minority cultures and its constitution grants groups the freedom to use and develop their own written and spoken languages.
But rights groups say that the government drive to popularize standardized Mandarin Chinese erodes the languages used by minorities such as Tibetans and that Beijing is essentially forcing cultural assimilation.
Joshua Rosenzweig, East Asia Research Director at Amnesty International, said the verdict and sentence were “gross” injustice.
“He is being cruelly punished for peacefully drawing attention to the systematic erosion of Tibetan culture. To brand peaceful activism for Tibetan language as ‘inciting separatism’ is beyond absurd,” he said in a statement.
There have been sporadic protests against Chinese rule in Tibetan parts of China for the past few years, most seriously in 2008 ahead of the Beijing Summer Olympics.
Beijing calls Tibetan spiritual leader the Dalai Lama a dangerous reactionary who seeks to split off nearly a quarter of the land mass of the People’s Republic of China.
The 1989 Nobel Peace laureate, who fled Tibet into exile in India in 1959, denies the charge and says he seeks greater rights, including religious freedom and autonomy, for Tibetans.
Reporting by Christian Shepherd; Editing by Nick Macfie
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May 15 (Reuters) - Xunlei Ltd:
* XUNLEI ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* SEES Q2 2018 REVENUE $56 MILLION TO $62 MILLION * XUNLEI - QTRLY EARNINGS PER SHARE $0.0236
* QTRLY TOTAL EARNINGS PER ADS $0.1182 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | BRIEF-Xunlei Announces Qtrly Earnings Per Share $0.0236 | [
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* Dollar down from 4-month high vs basket of currencies
* Profit-taking sets in after its recent rally
* U.S. dollar’s index on track for third straight weekly gain
By Masayuki Kitano
SINGAPORE, May 4 (Reuters) - The dollar held steady against a basket of currencies on Friday, having retreated from four-month highs on profit-taking, with the focus on whether U.S. jobs data will provide the spark for another push higher.
The dollar has erased all its 2018 losses over the past few weeks on expectations the Federal Reserve will continue to raise interest rates while other central banks, including the European Central Bank, take longer to reduce stimulus.
Further dollar gains will likely depend on data showing a further improvement in growth and inflation, which could fan speculation that the U.S. central bank could raise interest rates this year three more times.
The dollar’s index against a basket of six major currencies last traded at 92.417. That was down from a peak of 92.834 set on Wednesday, the greenback’s strongest level since late December.
The dollar index has climbed nearly 1 percent so far this week, putting it on track for a third straight weekly gain.
The Fed held interest rates steady on Wednesday and expressed confidence that a recent quickening in inflation to near the central bank’s target would be sustained, leaving it on track to raise borrowing costs in June.
Some analysts interpreted the Fed’s comments on inflation as a signal it may allow price growth beyond its target, a stance that would limit the need for it to embark on a more aggressive path of tightening.
Friday’s employment report for April will be evaluated for further indications of the strength of the U.S. labour market and inflation pressures.
The dollar is likely to rise, especially against the euro, if the U.S. jobs data points to solid wage growth, said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.
“If...wages come out a little bit stronger than expected, I think the euro tests $1.19,” Innes said.
The euro held steady at $1.1988, having pulled up from a near four-month low of $1.1938 set on Wednesday.
“There was definitely some good buying that came in overnight on the euro. But it was not new money coming in, it was guys taking profit,” said Innes at Oanda, referring to short-covering in the euro.
The common currency had risen 0.3 percent on Thursday, shrugging off data showing an unexpected slowdown in euro zone inflation, as the dollar’s recent rally paused.
Euro zone inflation slowed to 1.2 percent year-on-year in April, down from 1.3 percent in March, and core inflation fell even more, raising questions about the European Central Bank’s plan for withdrawing its monetary stimulus.
The dollar eased 0.1 percent to 109.14 yen, down from a three-month high of 110.05 yen struck on Wednesday.
In emerging markets, the Argentina peso tumbled to a record low on Thursday despite a dramatic rate hike by the central bank, pointing to a lack of investor confidence in Latin America’s No.3 economy, which is blighted by one of the world’s highest inflation rates.
On Thursday, the currency fell nearly 8 percent to trade at 23 pesos per U.S. dollar, even as the central bank hiked the benchmark interest rate 300 basis points to 33.25 percent, its second surprise hike in less than a week.
Reporting by Masayuki Kitano Additional reporting by Karen Brettell in New York Editing by Eric Meijer
Our | FOREX-Dollar steady before US jobs data, poised for weekly gains | [
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May 8 (Reuters) - Monster Beverage Corp:
* MONSTER BEVERAGE REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.38 * Q1 EARNINGS PER SHARE VIEW $0.39 — THOMSON REUTERS I/B/E/S
* Q1 NET SALES RISE 14.7 PERCENT TO $850.9 MILLION * NET SALES FOR STRATEGIC BRANDS SEGMENT FOR 2018 Q1 WERE NEGATIVELY IMPACTED BY $6.0 MILLION, DUE TO ADOPTION OF ASC 606
* MONSTER BEVERAGE - ESTIMATES THAT DISTRIBUTOR TERMINATION EXPENSES IN 2018 Q1 REDUCED REPORTED EARNINGS BY ABOUT $0.01 PER SHARE, AFTER TAX
* Q1 REVENUE VIEW $850.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| BRIEF-Monster Beverage Reports Q1 Earnings Per Share $0.38 | [
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Taxes Russia quietly conducted the world's longest surface-to-air missile test Russia quietly conducted the world's longest surface-to-air missile test, according to sources with direct knowledge of U.S. intelligence about the weapons program. The S-500 surface-to-air missile system successfully struck a target 299 miles away. Russia claims that the ground-based missile system is capable of intercepting hypersonic missiles, drones, aircraft as well as stealth warplanes like the F-22 and the F-35. CNBC.com Alexander Zemlianichenko | Reuters Russian President Vladimir Putin listens to Defence Minister Sergei Shoigu as they attend the Navy Day parade in St. Petersburg, Russia, July 30, 2017. Picture taken July 30, 2017.
Russia quietly conducted the world's longest surface-to-air missile test, according to sources with direct knowledge of U.S. intelligence concerning the weapons program.
The S-500 surface-to-air missile system successfully struck a target 299 miles away, which the U.S. assessed is 50 miles further than any known test, said the sources, who spoke to CNBC on the condition of anonymity.
Russia claims that the ground-based missile system is capable of intercepting hypersonic missiles, drones, aircraft as well as stealth warplanes like the F-22 and the F-35. The S-500 system would expand the Kremlin's capabilities to engage multiple targets with precision strikes.
Russia also claims the system has a range capable of destroying objects flying at near-space ranges or 62 miles above the Earth's surface.
The developments about the new missile system emerge as investigators claim that a Russian-owned surface-to-air missile blew up Malaysia Airlines Flight 17 in 2014 over eastern Ukraine. Russia has denied involvement in the incident. On Thursday, Moscow's defense ministry said none of the country's air-defense missile systems crossed the Russia-Ukraine border.
A medium-range Buk surface-to-air missile system was reportedly used to down the plane, resulting in the deaths of nearly 300 people. The Buk system is from a different family of missile systems as the new S-500 and its predecessor, the S-300V4, which has been operational since the late 1970s. Sergei Bobylev | TASS | Getty Images Loading surface-to-air missiles for an S-300 anti-aircraft system at the Key to the Skies contest as part of the 2017 International Army Games held by Russias Defence Ministry at Ashuluk Firing Range.
The test of the new system used a modified variant of the missile used in the S-300V4 surface-to-air system.
The latest revelation comes one week after CNBC learned that multiple U.S. intelligence reports assess that Russia will be capable of fielding a hypersonic glide vehicle called Avangard, a weapon that no country can defend against, by 2020.
The hypersonic weapon is capable of carrying a nuclear warhead, is designed to sit atop an intercontinental ballistic missile. Once launched, it uses aerodynamic forces to sail on top of the atmosphere.
Sources, who spoke to CNBC on the condition of anonymity, said Russia successfully tested the weapon twice in 2016 . The third known test of the device was carried out in October 2017 and resulted in a failure when the platform crashed seconds before striking its target.
Meanwhile, Russia is expected to test their hypersonic glide vehicle again this summer. show chapters | Russia quietly conducted the world's longest surface-to-air missile test | [
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One person was reported missing early Monday in flash flooding that struck Ellicott City, Md., a day earlier.
Howard County Executive Allan Kittleman said a man was reported missing to police about 12:30 a.m. ET Monday. He hadn’t been seen since about 5:20 p.m. Sunday, when brown water raged down the town’s Main Street.
Mr. Kittleman said... | Flash Floods Surge Through Town in Maryland, One Person Is Missing | [
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MILL VALLEY, Calif., May 22, 2018 /PRNewswire/ -- Redwood Trust, Inc. (NYSE: RWT) today announced its Board of Directors has declared a 7% increase in the company's quarterly common stock dividend to $0.30 per share for the second quarter of 2018, up from $0.28 per share. This also marks the company's 76th consecutive quarterly dividend. The second quarter 2018 dividend is payable on June 29, 2018 to stockholders of record on June 15, 2018.
"We are pleased to increase the dividend we pay to our shareholders," said Christopher J. Abate, President of Redwood Trust. "The higher dividend reflects our confidence in the platform we have built and the durability of its earnings power, specifically our prospects for profitable growth through existing and recently-announced initiatives. Underscoring this is our continued commitment to delivering value to our shareholders on a per share basis."
For more information about Redwood Trust, Inc., please visit our website at: www.redwoodtrust.com .
Cautionary Statement: This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to Redwood's intentions with respect to 2018 regular dividends. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2017 under the caption "Risk Factors." Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
View original content: http://www.prnewswire.com/news-releases/redwood-trust-announces-dividend-increase-of-7-for-the-second-quarter-of-2018-300652020.html
SOURCE Redwood Trust, Inc. | Redwood Trust Announces Dividend Increase Of 7% For The Second Quarter Of 2018 | [
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May 5, 2018 / 2:40 PM / in 2 hours Marx's German birthplace unveils controversial statue of him Reuters Staff 2 Min Read
TRIER, Germany (Reuters) - Protesters held banners reading “Down with capitalism” and “Father of all dictators” at Saturday’s unveiling of a statue of Karl Marx in the German city of Trier, reflecting the polarizing legacy of the philosopher in his birthplace and beyond. The 4.4 metres (14 feet) high bronze statue of Karl Marx, created by Chinese artist Wu Weishan and donated by China is unveiled to mark the 200th birth anniversary of the German philosopher in his hometown Trier, Germany May 5, 2018. REUTERS/Wolfgang Rattay
The bronze sculpture, which towers over 5 meters (16 feet) high including the plinth, is a gift from China to mark Saturday’s 200th birthday of the founder of Communism.
Marx spent the first 17 years of his life in Trier, a small town on the Moselle River in Germany’s far west. Chinese artist Wu Weishan poses next to his 4.4 metres (14 feet) high bronze statue of Karl Marx, donated by China, to mark the 200th birth anniversary of the German philosopher in his hometown Trier, Germany May 5, 2018. REUTERS/Wolfgang Rattay
Many see the post-World War Two division of Germany and the erection of the Berlin Wall to divide the Communist east from the capitalist West as a result of his ideas, but Trier mayor Wolfram Leibe said historical controversies should be acknowledged. Slideshow (4 Images)
“In Germany, we have this situation again and again with difficult, complex personalities of history - we want to hide them in the woods,” he said. “So it was a conscious act to bring Karl Marx into the city ... We don’t have to hide him.”
The city council voted to accept the gift from the Chinese government by 42 members to seven in March 2017.
While some see it as recognition of Trier’s most famous son, others argue that accepting the gift from China is not compatible with criticizing human rights abuses there.
Since 2015, China’s President Xi Jinping has presided over a widespread crackdown on human rights activists.
The statue depicts a thoughtful Marx, holding a book in one hand.
“Yes, we stand by the child of our city. And we deal with Karl Marx in a constructive and active way,” said Malu Dreyer, premier of the state of Rhineland-Palatinate, to which Trier belongs. “We are glad to receive this present, this gesture of friendship.” Reporting by Reuters TV; Writing by Paul Carrel; Editing by Kevin Liffey | Marx's German birthplace unveils controversial statue of him | [
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WINDSOR, England (Reuters) - Prince Harry greeted royal fans gathered outside Windsor Castle to celebrate his glittering wedding to U.S. actress Meghan Markle this weekend.
A smiling Harry was joined by his elder brother Prince William as he mingled with excited crowds waving red, white and blue Union flags less than 24 hours before his marriage on Saturday.
The impromptu walkabout came as the final finishing touches were put in place for the royal extravaganza at Windsor Castle, home to monarchs for almost 1,000 years.
Earlier, Harry’s office announced that his father Prince Charles, the heir to the throne, would walk his bride down the aisle in place of her ill father.
Markle’s father, Thomas, pulled out days before the event, telling celebrity website TMZ he was recovering from heart surgery, in a family drama that played out under the glare of media attention.
“The Prince of Wales is pleased to be able to welcome Ms Markle to The Royal Family in this way,” Harry’s office Kensington Palace said in a statement.
Royal fans on the streets of Windsor, where the thousands of well-wishers mingled with journalists and armed police under swathes of British and American flags, expressed sympathy for Markle.
Britain's Prince Harry greets wellwishers outside Windsor Castle ahead of his wedding to Meghan Markle tomorrow, in Windsor, Britain, May 18, 2018. REUTERS/Dylan Martinez “I feel sorry that her dad is not there because you should have your dad shouldn’t you really,” said Moira Moss, who was camping outside Windsor Castle. “Every daughter should have their dad but obviously he’s not very well. I do feel sorry for her. It must be heartbreaking for her.”
Markle’s African-American mother, Doria Ragland, was due to meet Britain’s Queen Elizabeth, Harry’s 92-year-old grandmother, for tea on Friday. Harry and his fiancee arrived at Windsor Castle on Friday afternoon.
Ragland, a yoga instructor, charmed Charles, her daughter’s future father-in-law, when they met on Wednesday, a source close to the royal family said.
Buckingham Palace confirmed that Elizabeth’s husband, Prince Philip, 96, would be at the wedding despite undergoing hip replacement surgery last month.
Harry, 33, will marry Markle, 36, a star of the TV drama “Suits”, in Windsor Castle’s 15th-century St George’s Chapel at a ceremony that begins at 1100 GMT. The details of her dress, the ring and the order of service are still to be announced.
Slideshow (12 Images) A former army officer and one-time royal wild child, Harry met his bride-to-be on a blind date in July 2016 after being set up through a mutual friend. Markle said she knew little about her royal date while Harry said he had never heard of Markle or watched her TV series.
However, it was love at first sight, and after just two dates, he whisked her off to Botswana for a holiday, camping under the stars.
Additional reporting by Cassandra Garrison; Editing by Andrew Heavens
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May 7, 2018 / 2:16 PM / in 7 hours Ribery signs Bayern Munich contract extension Reuters Staff 2 Min Read
(Reuters) - Bayern Munich winger Franck Ribery has signed a one-year contract extension until the end of next season, the Bundesliga club said on Monday. FILE PHOTO: Soccer Football - Champions League Semi Final Second Leg - Real Madrid v Bayern Munich - Santiago Bernabeu, Madrid, Spain - May 1, 2018 Bayern Munich's Franck Ribery REUTERS/Juan Medina
The 35-year-old Frenchman, who was out of contract at the end of the season, scored five goals in 19 appearances to win his eighth Bundesliga title with Bayern.
“We’re very pleased that Franck is staying with us,” Bayern sporting director Hasan Salihamidzic said in a statement.
“Franck has once again proven, in the Bundesliga as well as the Champions League and DFB Cup, what excellent performances he’s capable of and the great quality he possesses. As well as that, he’s one of our fan favourites.”
Ribery has scored 80 goals in 247 league appearances for Bayern since moving from Olympique de Marseille in 2007.
“I’m very happy that I’ll get to play for this great club for another year,” he said.
“Munich has long since become home for me and my family and I’m therefore very proud that I’ll be able to wear the FC Bayern shirt again next season.” Reporting by Hardik Vyas in Bengaluru, editing by Ed Osmond | Ribery signs Bayern Munich contract extension | [
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May 18, 2018 / 10:16 AM / a few seconds ago Britain's M&S teetering on the brink of FTSE 100 relegation James Davey , Alistair Smout 4 Min Read
LONDON (Reuters) - Britain’s Marks & Spencer ( MKS.L ) is expected to report a second straight fall in annual profit next week, and with the retailer’s shares down nearly a quarter over the last year it is in danger of soon being booted out of the FTSE 100 index. FILE PHOTO: A Marks & Spencer sign is seen outside outside a store in London January 8, 2014. REUTERS/Stefan Wermuth/File Photo
The 134-year-old M&S has been a member of the blue-chip index .FTSE since its inception in 1984. Relegation would be a totemic moment for a British institution that has fallen out of fashion over the last decade.
M&S faces unrelenting competition both in clothing and food on the high street and online, while efforts to revitalize its business are being hampered by an ongoing squeeze on consumers’ spending power.
Thomson Reuters data ranks M&S at 102nd by market value in the FTSE 350 of large and mid-cap companies based on Thursday’s closing prices.The FTSE 100 is not simply the 100 biggest companies in Britain that meet free-float and liquidity requirements. In order to avoid constant changes to the index as a result of day-to-day price volatility, companies are only demoted when they drop below 110 in the ranking.So if M&S drops nine more places, it will be automatically relegated when FTSE Russell reconstitutes the index in its quarterly reshuffle. The next reshuffle will be announced on May 30, using closing prices from the previous day, and will take effect on June 18.However, M&S also risks demotion if any mid-caps rise above 90th place and therefore qualify for automatic addition to the FTSE 100, meaning the smallest current blue-chip companies would be relegated to balance the numbers.Currently, G4S ( GFS.L ) and Severn Trent ( SVT.L ) are the only FTSE 100 firms worth less than M&S by market capitalization. Slideshow (2 Images)
One mid-cap that has overtaken M&S is Ocado ( OCDO.L ), the online grocer and technology company that, ironically, is chaired by Stuart Rose, a former CEO and chairman of M&S.
Ocado shares surged 44 percent on Thursday after the firm struck a major deal with U.S. supermarket chain Kroger ( KR.N ), making it now the 98th biggest firm. That means that Ocado and M&S could be directly battling each other for FTSE 100 membership in under two weeks time, starkly illustrating the sea change in shopping habits.
Though largely symbolic, an M&S relegation would see it being sold by index-tracker funds, which seek to replicate the FTSE 100 by buying its constituents. It would be bought by FTSE 250-tracker funds.
M&S, which reports annual results on Wednesday, declined to comment.
Analysts’ average forecast for pretax profit for the 2017-18 year is 573 million pounds ($773 million), down from 614 million pounds in 2016-17. Clothing and home like-for-like sales are forecast to be down 1.1 percent, with food down 0.2 percent.
M&S re-set its strategy in November, two months after retail veteran Archie Norman joined as chairman, detailing a five-year plan that would speed-up store closures and relocations, and strive to make its food offering more competitive.
Norman and CEO Steve Rowe have stressed that investors need to be patient.
Shares in M&S were down 0.3 percent at 296.5 pence at 0955 GMT, valuing the business at 4.8 billion pounds. Editing by Mark Potter | Britain's M&S teetering on the brink of FTSE 100 relegation | [
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May 14, 2018 / 8:16 PM / Updated 23 minutes ago Four Egyptian workers killed by land mine near new capital - sources Reuters Staff 1 Min Read
CAIRO (Reuters) - Four Egyptian workers were killed and two injured, when a land mine exploded east of Cairo in an area where the government is constructing a new administrative capital, security sources said.
The sources said the mine was likely a remnant of the 1973 war Egypt fought with Israel for control of the Sinai peninsula.
Egypt’s ambitious plan to construct a new metropolis 45 km (28 miles) east of Cairo was announced in March 2015 as part of a plan to lure back foreign investors who fled after its 2011 uprising. Reporting by Ahmed Mohamed Hassan; Writing by Eric Knecht; Editing by Andrew Roche | Four Egyptian workers killed by land mine near new capital - sources | [
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WESTBURY, N.Y., May 24, 2018 /PRNewswire/ -- The Board of Directors of New York Community Bancorp, Inc. (NYSE: NYCB) (the "Company") announced the declaration of a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (NYSE: NYCB PRA) at the rate of $15.94 per preferred share, which equates to $0.3984 for each depositary share. Each depositary share represents a 1/40th ownership interest in a share of the Series A preferred stock.
The dividend will be payable on June 17, 2018 to shareholders of record as of June 7, 2018.
About New York Community Bancorp, Inc.
Based in Westbury, NY, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank and New York Commercial Bank. At March 31, 2018, the Company reported assets of $49.7 billion, loans of $38.9 billion, deposits of $29.2 billion, and stockholders' equity of $6.8 billion.
Reflecting our growth through a series of acquisitions, the Community Bank operates 225 branches through seven local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona, while the Commercial Bank operates 18 of its 30 New York-based branches under the divisional name Atlantic Bank. Additional information about the Company and its bank subsidiaries is available at www.myNYCB.com and www.NewYorkCommercialBank.com .
Investor Contact:
Salvatore J. DiMartino
(516) 683-4286
Media Contact:
Kelly Maude Leung
(516) 683-4032
View original content with multimedia: http://www.prnewswire.com/news-releases/new-york-community-bancorp-inc-declares-a-quarterly-cash-dividend-on-its-preferred-stock-300654317.html
SOURCE New York Community Bancorp, Inc. | New York Community Bancorp, Inc. Declares A Quarterly Cash Dividend On Its Preferred Stock | [
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Validus Holdings Ltd:
* Q1 LOSS PER SHARE $0.05 * Q1 EARNINGS PER SHARE VIEW $0.99 — THOMSON REUTERS I/B/E/S
* NET PREMIUMS EARNED FOR THREE MONTHS ENDED MARCH 31, 2018 $618.9 MILLION COMPARED TO $575.4 MILLION FOR THREE MONTHS ENDED MARCH 31, 2017
* : BOOK VALUE PER COMMON SHARE AT MARCH 31, 2018 WAS $44.14, COMPARED TO $44.06 AT DECEMBER 31, 2017 Source text for Eikon: Further company coverage:
| BRIEF-Validus Holdings Q1 Loss Per Share $0.05 | [
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results beat@ (Adds CEO, CFO comments, analyst quotes)
May 3 (Reuters) - Fortinet Inc topped Wall Street estimates for first-quarter profit and revenue as more mid-market enterprise customers signed up for its security products and services.
Shares of the cybersecurity company, which has a market value of around $9.4 billion, rose 3.3 percent to $58 after the bell on Thursday.
Revenue from its services business, which accounts for more than half of its revenue, rose around 25 percent to $256.2 million, edging past analysts' estimates of $256.1 million.
"Small emerging businesses have been reacting to the recent hacks and for the last two years the company has been focusing on the mid-enterprises," Chief Financial Officer Keith Jensen told Reuters.
Fortinet like other cybersecurity companies have been ramping up its cloud security offerings to attract companies that are trying to lower costs by shifting to cloud for data storage.
"The company tends to outperform competitors particularly at the mid-market where price tends to be a bigger factor relative to feature set and additional platform solutions," Anne Meisner, analyst at Susquehanna Financial Group said.
Fortinet said billings - an important barometer of the health of the company's business - rose 15 percent to $463.2 million.
The company's product revenue rose 5.5 percent to $142.8 million, beating analysts' estimates of $134.9 million.
"Cloud security continues to be a fastest-growing part of our business," Chief Executive Officer Ken Xie said on a post-earnings call.
Fortinet's net income rose to $41.6 million or 24 cents per share in the quarter ended March 31, from $10.7 million or 6 cents per share, last year, when it reported a restructuring charges of $430,000.
On an adjusted basis, the Sunnyvale, California-based company earned 33 cents per share.
Total revenue rose 17.1 percent to $399 million.
Analysts on an average were expecting the company to report a profit of 24 cents per share and revenue of $390.4 million, according to Thomson Reuters I/B/E/S. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur) | UPDATE 2-Fortinet's security products see demand from mid-market firms, results beat | [
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NEW YORK/LONDON/SINGAPORE (Reuters) - Oil futures prices have soared past three-year highs, OPEC’s deal has cut millions of barrels of inventory worldwide and investors are betting in record numbers that prices could rocket past $80 and even hit $90 a barrel this year.
FILE PHOTO - A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/File Photo But physical markets for oil shipments tell a different story. Spot crude prices are at their steepest discounts to futures prices in years due to weak demand from refiners in China and a backlog of cargoes in Europe. Sellers are struggling to find buyers for West African, Russian and Kazakh cargoes, while pipeline bottlenecks trap supply in west Texas and Canada.
The divergence is notable because traditionally, physical markets are viewed as a better gauge of short-term fundamentals. Crude traders who peddle cargoes to refineries worldwide say speculators are on shaky ground as they drive futures markets above $70 a barrel, their highest levels for three-and-a-half years, on concerns about tighter supply from Venezuela and the potential impact of U.S. sanctions on supply from Iran.
Investors have piled millions of dollars in record wagers in the options market, betting on a further rally on the back of rising geopolitical tensions, particularly in Iran, Saudi Arabia and Venezuela, and the global decline in supply.
“Guys who are trading futures have a view that draws are coming and big draws are coming,” a U.S.-based crude trader at a global commodity merchant said, adding that demand could ramp up as global refinery maintenance ends.
“Over the next few weeks, we should start to see markets globally clean up, but if that doesn’t happen, I think we could be in trouble.”
A RISKY BET? Brent LCOc1, the benchmark on which two-thirds of the world’s oil is priced, has surpassed $78 a barrel, the highest since November 2014. U.S. crude futures CLc1 hit a high just short of $72.
Inventories in the developed world are now just 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017, after supply cuts by the Organization of the Petroleum Exporting Countries and other producers, including Russia.
In the last few weeks, expectations that U.S. President Donald Trump would withdraw from the Iran nuclear agreement added to bullishness. Following Trump’s announcement making good on that threat last week, prices surged further. Analysts estimate anywhere from 200,000 to 1 million bpd could be cut from global exports next year.
“Any reduction in Iranian supply will likely exacerbate market deficits, suggesting upward pressure on pricing,” wrote Greg Sharenow, PIMCO commodities portfolio manager, which sees oil surpassing $80 in the short term.
In the weeks before Trump’s decision, hedge funds and others piled a record number of bets into bullish crude oil options. Traders currently hold a record 21.3 million barrels worth of options that pay off if the December Brent contract hits $90 by late October LCO9000L8. Bets that U.S. crude will hit $85 a barrel CL850G8 by mid-June are currently at a record above 14,000 contracts.
These bets are being made due to strong demand, not just fear of political destabilization, said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina.
“The bigger picture of demand keeping up with supply...is much more important,” Shelton said.
FILE PHOTO: The Suezmax sized oil tanker Karvounis lies at anchor stranded off the coast of Louisiana for lack of a bank letter of credit to discharge its cargo of Venezuelan heavy crude, south of Port Fourchon, Louisiana, U.S. August 17, 2017. REUTERS/Jonathan Bachman/File Photo BIG DISCONNECT Those on the front lines of the physical market are not convinced. Traders say the surge in U.S. exports to more than 2 million bpd has saturated some markets, leaving benchmark prices ripe for a correction.
“There is a huge disconnect between futures and fundamentals,” a trader with a Chinese independent refiner said. “I won’t be surprised if prices correct by $20 a barrel.”
Increased U.S. competition has dented sales of oil from Nigeria and Azerbaijan, which produce similar quality oil and compete for buyers in Europe and Latin America.
Physical prices have sunk even as benchmarks on which they are based stay buoyant. The strength of Brent crude, now trading at nearly $7 above U.S. futures WTCLc1-LCOc1, and $4 above Dubai, DUB-EFS-1M has made it hard to find buyers for grades priced off Brent.
Russian Urals hit a seven-year discount against dated Brent BFO-URL-NWE while Kazakh CPC Blend BFO-CPC crashed to its weakest since mid-2012 this month.
Separately, shipments of West African crude to Asia hit a five-month low in April due to a backlog at Chinese ports.
Clogged pipelines have hit key U.S. oil grades, including in west Texas WTC-WTM WTC-WTS, where the discount to U.S. crude is near its widest in three years.
Some are confident the world’s refineries will gobble up these barrels when they finish seasonal maintenance. About 10 percent of China’s refining capacity is expected to be offline through June.
“For the last three, four, five months we’ve seen high turnarounds globally,” a U.S. crude trader said, referencing maintenance works.
“Once you get past that, all of a sudden (you’re) looking at 3 million barrels per day of fresh crude consumption.”
But whether that is enough to support Brent at $80 and above is yet to be seen.
“I think it’s touch and go,” he added.
Reporting by Devika Krishna Kumar in New York, Libby George in London and Florence Tan in Singapore; Additional reporting by Ayenat Mersie; Editing by Lisa Shumaker
| Investors see big oil surge, but physical markets suggest caution | [
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May 31 (Reuters) - Highlight Event and Entertainment Ltd :
* CONSOLIDATED SALES CLIMBED TO CHF 137.9 MILLION IN REPORTING YEAR
* CONSOLIDATED NET PROFIT AMOUNTED TO CHF 9.5 MILLION COMPARED WITH PRIOR YEAR AT CHF -3.0 MILLION. Source text for Eikon: Further company coverage:
| BRIEF-Highlight Event And Entertainment Swings To FY Net Profit | [
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Apple Apple Is Closing Its Atlantic City Store and Cutting 52 Jobs Apple's iPhone 6 are displayed as people browse through products at a store in Atlantic City, New Jersey, on November 8, 2014. JEWEL SAMAD AFP/Getty Images By Bloomberg 9:50 AM EDT
Apple Inc. said it is closing a retail store in Atlantic City, New Jersey, resulting in a rare but small round of job cuts by the world’s largest technology company.
Apple filed a Worker Adjustment and Retraining Notification with the state of New Jersey for 52 employees who will be affected. The iPhone maker rarely closes a retail store without relocating it.
“Due to a sharp decline in tourism and visitors to the area, we have made the difficult decision not to extend our lease,” an Apple spokesman said in a statement. “We are offering all of the store’s employees other jobs within Apple and we look forward to serving our Greater Atlantic City customers through our other southern New Jersey, Delaware Valley, and Greater Philadelphia area stores.”
Apple last closed a store in Simi Valley, California, for similar reasons. The company has more than 500 stores globally with over half located in the U.S. SPONSORED FINANCIAL CONTENT | Apple Is Closing Its Atlantic City Store and Cutting 52 Jobs | [
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FRANKFURT, May 3 (Reuters) - The following are some of the factors that may move German stocks on Thursday:
AUTO German monthly car sales data expected.
ADIDAS Q1 results due. Operating profit seen up 12 percent at 709 million euros ($850 million). Poll:
BAYER Q1 results due. Underlying EBITDA seen down 7 percent at 2.83 billion euros. Poll:
DEUTSCHE BOERSE Deutsche Boerse AG plans to cut around 300 jobs as new CEO Theodor Weimer seeks to lower operating costs by 100 million euros through to 2020, Handelsblatt reported on Wednesday.
DEUTSCHE TELEKOM A second round of wage talks covering 11,000 workers at T-Systems, Deutsche Telekom’s IT services arm, ended without result on Wednesday, labour union Verdi said. The next round of talks is set for May 15. Verdi is demanding a 5.5 percent raise over 12 months.
FRESENIUS Q1 results due. Adjusted net income seen down 4.4 percent at 437 million euros. Poll:
Fresenius alleged it uncovered “blatant fraud at the very top level” of U.S. generic drugmaker Akorn Inc after Fresenius agreed to acquire the company for $4.75 billion, according to a Delaware court filing.
FRESENIUS MEDICAL CARE Full Q1 results due. The group published preliminary results on April 22 and cut its 2018 sales target.
INFINEON Q2 results due. Operating profit seen up 1 percent at 298 million euros. Poll:
VONOVIA Q1 results due. FFO I seen up 10 percent at 241 million euros. Poll:
ALSTRIA OFFICE REIT Alstria Office REIT confirmed its guidance for 2018 after consolidated net result rose by 4.7 percent in the first quarter.
INNOGY Deadline for SSE and Innogy’s npower to submit measures to ease the competition concerns of Britain’s Competition and Markets Authority (CMA) over their proposed merger.
MTU AERO ENGINES Q1 results due. Adjusted EBIT seen down 3 percent at 153 million euros. Poll:
STADA Q1 results due.
COMPUGROUP MEDICAL Q1 results due.
MORPHOSYS The group reported Q1 results and affirmed its 2018 guidance.
OSRAM Full Q2 results due. The group published preliminary results on April 24 and slashed its guidance for adjusted core profit and earnings per share.
PFEIFFER VACUUM Q1 results due.
QIAGEN The group reported Q1 results and said it expected sales growth of roughly 5-6 pct in Q2.
XING Q1 results due.
HYPOPORT Full Q1 results due. The group published key figures on April 25.
KOENIG & BAUER Q1 results due. Operating profit seen down 82 percent at 0.88 million euros. Poll:
RATIONAL Q1 results due.
SIEMENS HEALTHINEERS Q2 results due.
ANNUAL GENERAL MEETINGS LINDE - 3.90 eur/shr dividend proposed
VOLKSWAGEN - 3.96 eur/preferred shr dividend proposed
HOCHTIEF - 3.38 eur/shr dividend proposed
HUGO BOSS - 2.65 eur/shr dividend proposed
LEONI - 1.40 eur/shr dividend proposed
DIALOG SEMICONDUCTOR - no dividend proposed
GRENKE - 0.70 eur/shr dividend proposed
OVERSEAS STOCK MARKETS Dow Jones -0.7 pct, S&P 500 -0.7 pct, Nasdaq -0.4 pct at close.
Japanese markets closed, Shanghai stocks -0.2 pct.
Time: 4.47 GMT.
GERMAN ECONOMIC DATA No economic data scheduled.
DIARIES REUTERS TOP NEWS ($1 = 0.8344 euros) (Reporting by Douglas Busvine and Maria Sheahan)
Our | German stocks Factors to watch on May 3 | [
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May 9, 2018 / 4:05 AM / in 11 hours South Korean prosecutors raid LG's head office in tax probe Joyce Lee , Ju-min Park 2 Min Read
SEOUL (Reuters) - South Korean prosecutors have raided LG Group’s head office as part of a probe into alleged tax evasion by family members controlling the conglomerate, the prosecutors’ office said on Wednesday. The media gather outside LG headquarters in Seoul, South Korea May 9, 2018. Yonhap via REUTERS
Prosecutors are looking into possible evasion of capital gains tax worth about 10 billion won ($9.25 million) in relation to the transfer of shares of an LG affiliate, the Seoul Central District Prosecutors’ Office said in a text message to reporters.
A spokeswoman at LG Corp, the group’s holding company, said the relevant parties will cooperate with the prosecutors’ probe.
The probe appeared to have been caused by differing views on the amount of tax payable after some shareholders sold shares in the market and paid the corresponding taxes, she said. A man walks past an LG logo at the Mobile World Congress in Barcelona, Spain, February 27, 2018. REUTERS/Sergio Perez
The probe into the country’s fourth-biggest conglomerate by assets would be the latest of a string of troubles faced by families controlling the country’s conglomerates, known as chaebols.
A tantrum by the heiress of Korean Air Lines Co Ltd earlier this year reignited public anger at the behavior of the rich and powerful, and sparked investigations into her family and its businesses.
The liberal government of Moon Jae-in has pledged to pursue chaebol reform, urging them to improve governance structures to improve transparency and fair competition. Reporting by Joyce Lee, Ju-min Park; additional reporting by Hyunjoo Jin, Editing by Christopher Cushing and Richard Pullin | South Korean prosecutors raid LG's head office in tax probe | [
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BLOOMINGTON, Minn.--(BUSINESS WIRE)-- The Toro Company (NYSE: TTC) today announced that its board of directors has declared a regular quarterly cash dividend of $0.20 per share. This dividend is payable on July 11, 2018, to shareholders of record on June 22, 2018.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative solutions for the outdoor environment including turf maintenance, snow and ice management, landscape, rental and specialty construction equipment, and irrigation and outdoor lighting solutions. With sales of $2.5 billion in fiscal 2017, Toro’s global presence extends to more than 125 countries. Through constant innovation and caring relationships built on trust and integrity, Toro and its family of brands have built a legacy of excellence by helping customers care for golf courses, sports fields, public green spaces, commercial and residential properties and agricultural operations. For more information, visit www.thetorocompany.com .
//www.businesswire.com/news/home/20180515006528/en/
The Toro Company
Investor Relations:
Heather Hille, 952-887-8923
Director, Investor Relations
[email protected]
or
Media Relations:
Branden Happel, 952-887-8930
Senior Manager, Public Relations
[email protected]
Source: The Toro Company | The Toro Company Declares Regular Quarterly Cash Dividend | [
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BEIJING (Reuters) - A visiting high-level U.S. trade delegation has left Beijing and is headed back to the United States, a U.S. official told Reuters.
The talks over the past two days have involved a team led by U.S. Treasury Secretary Steven Mnuchin and top Chinese officials, including Vice Premier Liu He, following months of threats and counter threats from both sides in a series of disputes over trade practices.
Reporting by Michael Martina; Writing by Ben Blanchard; Editing by Nick Macfie
| U.S. trade delegation leaves Beijing: U.S. official | [
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May 23, 2018 / 9:26 AM / Updated 17 minutes ago Few energy technologies, sectors on track for climate goals: IEA Reuters Staff 2 Min Read
LONDON (Reuters) - Only four of 38 energy technologies and sectors were on target last year to meet long-term climate and air pollution goals, a study by the International Energy Agency showed on Wednesday. FILE PHOTO: Fatih Birol, Executive Director of the International Energy Agency, speaks with the media during the International Energy Forum (IEF) in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain
The IEA tracks energy technologies, including solar, wind, nuclear, coal and gas, as well as energy-intensive sectors such as transport, chemicals and aluminum, to assess progress toward international goals to limit the rise in global temperatures and to curb pollution.
The IEA study said four of those - solar photovoltaic (PV), lighting, data centers and networks and electric vehicles - made “tremendous progress” last year.
Solar PV experienced record deployment, light-emitting diodes (LEDs) became the dominant source of lighting in homes around the world and electric vehicle sales jumped 54 percent.
But it said most technologies and sectors are not on track to meet long-term goals.
“There is a critical need for more vigorous action by governments, industry, and other stakeholders to drive advances in energy technologies that reduce greenhouse gas emissions,” IEA Executive Director Fatih Birol said in the report.
“The world doesn’t have an energy problem but an emissions problem, and this is where we should focus our efforts,” he said.
The IEA said energy efficiency improvements had slowed and progress on technologies like carbon capture and storage had stalled. This contributed to a 1.4 percent increase in global energy-related carbon dioxide emissions last year, it said.
Progress in deploying onshore wind and energy storage also slowed last year, it added. Reporting by Nina Chestney; Editing by Edmund Blair | Few energy technologies, sectors on track for climate goals: IEA | [
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May 1, 2018 / 2:36 PM / Updated 13 minutes ago CORRECTED-CANADA STOCKS-TSX slips as materials shares weigh Reuters Staff 3 Min Read
(Corrects sixth item to say “eight” not “two” of Canada’s 10 main index sectors were in the negative territory)
May 1 (Reuters) - Canada’s main stock index edged lower on Tuesday, as a fall in gold prices weighed on the materials sector.
* At 9:37 AM ET (1337 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index fell 42.29 points, or 0.27 percent, to 15,565.59.
* The materials group was down 0.7 percent, led by losses in shares of First Quantum Minerals Ltd and Agnico Eagle Mines.
* Spot gold was down 0.6 percent at $1,307.45 an ounce as the dollar strengthened ahead of a U.S. Federal Reserve policy meeting that is being watched for clues on the future pace of interest rate hikes.
* The TSX posted one new 52-week high and one new low. Across all Canadian issues, there were six new 52-week lows and just one new high.
* Eight of Canada’s 10 main index sectors were in the negative territory.
* U.S. President Donald Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil.
* Among stocks, the largest percentage gainer on the TSX was Colliers International Group, which rose 5 percent, after the company reported first-quarter results that topped analysts’ estimates.
* Oil and gas producer Encana Corp beat analysts’ estimates with a 50 percent rise in adjusted profit for the first-quarter, sending its shares up 4 percent.
* Shopify Inc was the biggest percentage loser, with a 9.4 percent drop, despite posting a surprise quarterly profit and lifting its full year outlook
* Among the most active Canadian stocks by volume were Aurora Cannabis, Neovasc Inc and Baytex Energy Co.
* Volume on the TSX index was 9.33 million shares. Total volume on Tuesday was 16.22 million shares.
* Economic data showed that Canadian economic growth increased 0.4 percent in February, a sign that first-quarter growth could be stronger than the Bank of Canada is predicting. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva) | CANADA STOCKS-TSX slips as materials shares weigh | [
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May 24, 2018 / 7:34 AM / Updated 37 minutes ago Nestle streamlines R&D to speed up product innovation Martinne Geller 6 Min Read
LONDON (Reuters) - Food giant Nestle ( NESN.S ) plans to combine its scientific research operations into a single unit in an attempt to speed up development of new products at a time when competition from smaller rivals is intensifying. FILE PHOTO: The Nestle logo, April 12, 2018. REUTERS/Pierre Albouy/File Photo
The world’s biggest packaged food maker, with brands including Nescafe coffee and Perrier water, has been struggling with slowing sales growth for years. Now it is also under pressure from activist shareholder Daniel Loeb to increase investor returns.
To better compete, the Swiss company told Reuters it would merge its Nestle Research Center and Nestle Institute of Health Sciences (NIHS) into one organization called Nestle Research.
The new entity, to be announced later on Thursday, will continue to be based in Lausanne, Switzerland and will employ around 800 people.
The reorganization, effective July 1, will not involve job cuts or the closure of facilities, a spokesman said.
By linking the “blue-sky” research done at NIHS with the more commercially focused Research Center, it hopes to accelerate the translation of scientific discoveries into marketable products.
It also hopes this will help it compete with smaller, nimbler rivals who have been eating away at the market share of Nestle and other big firms like Danone ( DANO.PA ), Unilever ( ULVR.L ), Kraft Heinz ( KHC.O ) and Kellogg ( K.N ).
Nestle Chief Technology Officer Stefan Palzer acknowledged earlier this month that his company had to keep pace with rising demand for goods that are organic, gluten-free or vegan.
“Big trends are embraced by smaller companies a bit more actively than the big companies,” Palzer told Reuters before Nestle’s streamlining plans had been finalised.
“We are adjusting our portfolio, doing many innovations and renovations to make the portfolio more relevant and to address those trends, but smaller companies are more agile.”
In the United States - the world’s biggest packaged food market - small challenger brands could account for 15 percent of a $464 billion sector in a decade’s time, up from about 5 percent last year, Bernstein Research predicted last year. SPEEDING THINGS UP
The combination of research units is the latest move by Palzer aimed at speeding up development and ensuring research efforts are commercially viable.
Palzer, who took over Nestle’s innovation and research and development operations in January, is also supplementing long-term research projects with incremental product launches made faster by experimenting with new ideas more quickly.
Last month, for example, Palzer and colleagues got the idea for a vegetarian or vegan food product while on a business trip.
“Thursday we had an idea, Friday we returned to Switzerland and Monday evening I was able to taste the first prototype,” Palzer said. “Wednesday, this prototype was shown to the executive board, and Friday it was in the global pipeline.”
He declined to give more details of the product, except to say it is currently being assessed by the operations team to see how long it will take to produce and on what machinery.
Other steps include efforts to apply specific developments to more products, such as Nestle’s recent designer sugar crystals launched in low-sugar Milkybars in March, which will go into other products in the future.
The importance of agility was underlined by Nestle’s recent struggle to capitalize on resurgent demand for frozen foods.
The company says it reformulates one third of its product portfolio every year. LACK OF IDEAS CAN BE COSTLY
Nestle spent 1.72 billion Swiss francs ($1.73 billion) on R&D last year, down slightly from 2016 but up 22 percent from 2012. The company’s sales fell 2.6 percent over the same period.
As a percentage of sales, its expenditure has fluctuated only a little, but demands on the unit have increased.
Wells Fargo analyst John Baumgartner said that across 10 large publicly traded U.S. food companies, median expenses for R&D and advertising have declined 20 percent over the past five years.
“As voids of ideas and marketing have emerged, start-ups have been more responsive to consumer needs, won the culture and created the emotional connections that drive sales,” he said in a recent note.
Palzer said some industry peers had been outsourcing innovation to cut costs, relying on acquisitions of small brands or partnerships with suppliers.
But he said it was critical for Nestle to maintain scientific expertise in-house to keep its own portfolio fresh and to be an attractive partner for collaboration with others. Nestle does R&D around the world, involving around 5,000 people.
Fundamental scientific research will remain key at Nestle, Palzer said, but he also highlighted the value of external partnerships and acquisitions that can bring in new research or capabilities more easily.
Scientific research and innovation itself is not necessarily the reason why big breakthroughs tend to be rare for multinational companies, said Shaun Browne, investment banker at Houlihan Lokey, who advises food companies on deals.
“They often don’t have the patience or passion that is really required,” Browne said. “Often these things are one individual who is just totally determined and passionate about their product and sees it through.”
($1 = 0.9943 Swiss francs) | FOCUS-Nestle streamlines R&D to speed up product innovation | [
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May 2 (Reuters) - AC Immune SA:
* AC IMMUNE REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND CORPORATE UPDATE
* Q1 REVENUE VIEW CHF 2 MILLION — THOMSON REUTERS I/B/E/S * QTRLY NON-IFRS EPS LOSS CHF 0.19 Source text for Eikon: Further company coverage:
| BRIEF-AC Immune Reports Q1 Revenue CHF 1.5 Million | [
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WEST LAFAYETTE, Ind., May 02, 2018 (GLOBE NEWSWIRE) -- Endocyte, Inc. (Nasdaq:ECYT), a biopharmaceutical company developing targeted therapeutics for personalized cancer treatment, today announced that the company will host a conference call on Wednesday, May 9th, at 8:30 a.m. EDT to discuss its first quarter financial results and provide an operational update.
Investors and the general public are invited to listen to a live webcast of the call, which can be accessed in the Investors & News section of the Company’s website at www.endocyte.com or by dialing (877) 845-0711 (U.S./Canada) or (760) 298-5081 (International).
The webcast will be recorded and available on the Company’s website for 90 days following the call.
Website Information
Endocyte routinely posts important information for investors on its website, www.endocyte.com , in the “Investors & News” section. Endocyte uses this website as a means of disclosing material information in compliance with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the “Investors & News” section of Endocyte’s website, in addition to following its press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Endocyte’s website is not incorporated by reference into, and is not a part of, this document.
About Endocyte
Endocyte is a biopharmaceutical company and leader in developing targeted therapies for the personalized treatment of cancer. The company's drug conjugation technology targets therapeutics and companion imaging agents specifically to the site of diseased cells. Endocyte's lead program is a prostate specific membrane antigen (PSMA)-targeted radioligand therapy, 177 Lu-PSMA-617, entering phase 3 for metastatic castration resistant prostate cancer (mCRPC). Endocyte is also advancing its adaptor-controlled CAR T-cell therapy into the clinic in 2018, where it will be studied in osteosarcoma. For additional information, please visit Endocyte's website at www.endocyte.com .
Investor Contact:
Stephanie Ascher, Stern Investor Relations, Inc., (212) 362-1200, [email protected]
Source:Endocyte, Inc. | Endocyte Announces First Quarter 2018 Earnings Call | [
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May 7 (Reuters) - NCS Multistage Holdings Inc:
* NCS MULTISTAGE HOLDINGS, INC. ANNOUNCES FIRST QUARTER 2018 RESULTS
* Q1 EARNINGS PER SHARE $0.23 * Q1 REVENUE $70.7 MILLION VERSUS I/B/E/S VIEW $70.4 MILLION
* SEES FY 2018 REVENUE UP 35 TO 45 PERCENT * Q1 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S
* NCS MULTISTAGE HOLDINGS - CONTINUE TO EXPECT ANNUAL REVENUES IN 2018 WILL GROW BY 35% - 45% Source text for Eikon:
Our | NCS Multistage Holdings Reports Q1 Adjusted Earnings Per Share $0.21 | [
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(Reuters) - Roku Inc ( ROKU.O ) shares were up nearly 7 percent premarket on Thursday after it posted smaller-than-expected first-quarter loss helped by its TV streaming platform.
A video sign displays the logo for Roku Inc, a Fox-backed video streaming firm, in Times Square after the company's IPO at the Nasdaq Market in New York, U.S., September 28, 2017. REUTERS/Brendan McDermid Roku, which makes devices for TV streaming, said bit.ly/2ryHWAN on Wednesday revenue from its platform more than doubled to $75.1 million, from strong growth across advertising and content distribution.
“The strong growth in Roku Channel usage highlights growing ad-supported content consumption,” Morgan Stanley analyst Benjamin Swinburne wrote in a client note.
Roku also beat Wall Street expectations with active accounts up 47 percent to 20.8 million at the end of March 31 and average revenue per user jumping 50 percent, fastest growth rate in 18 months.
“Roku reported an impressive quarter, validating our view that it is one of a handful of companies leading the transition to over-the-top video consumption,” said Tom Forte, an analyst at D. A. Davidson who also called the results “outstanding”.
Roku shares were last up 6.7 percent at $38.55 in premarket after having fallen nearly 30 percent this year.
Reporting by Sonam Rai in Bengaluru; Editing by Shailesh Kuber
| Roku shares jump after co posts smaller-than-expected loss | [
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LONDON (Reuters) - Russian gold miner Petropavlovsk has asked British regulators to investigate the identity of shareholders pressing for an overhaul of the board only a year after a previous revolt forced change, sources close to the company said.
The London-listed firm, which has underperformed peers for about a decade, is near the end of a quest to bring on technology to boost profits from the treatment of refractory gold ore, which is very hard to process using traditional methods.
It says fresh management upheaval would set back progress just when its fortunes could be about to be transformed.
“Petropavlovsk has raised the mystery shareholder issue with the (UK Takeover) Panel and the UK Listing Authority,” (UKLA) one of the sources said, asking not to be named.
The source added the company had asked the regulators to investigate and take appropriate action, without elaborating.
A spokesman for the Financial Conduct Authority, of which the UKLA is part, declined to comment. A spokesman for the Takeover Panel had no immediate comment.
Investors under the names of CABS Platform and Slevin have called for long-time chief executive and co-founder Pavel Maslovskiy to return to the board and for other management changes.
Together the two entities own just over 9 percent of Petropavlovsk’s stock. They have offshore addresses in Panama and Anguilla, according to Thomson Reuters data, and have not responded to attempts to contact them.
Maslovskiy told Reuters they were not connected to him.
The company’s biggest shareholder, Kazakh entrepreneur Kenges Rakishev, also says he is not connected to them, although he has said he largely backs their demands.
Maslovskiy resigned last year after the company’s co-founder Peter Hambro was ousted by a shareholder revolt. Hambro says he is not expecting to return, while Maslovskiy says he would be willing to do so.
Gertjan Koomen, managing partner at Sothic Capital Management, voted for last year’s board changes on the grounds of poor governance.
He said the company was now on track, disagreed with the new activist demands to bring back three former directors and thought the current CEO should keep his office, but he would not oppose the return of Maslovskiy as a non-executive director.
“In this way the company can benefit from his operational experience,” he said.
Koomen said he agreed regulators should investigate to determine the identity of the activist shareholders.
Reporting by Barbara Lewis; Editing by Mark Potter
| Petropavlovsk asks UK regulators to investigate activist shareholders | [
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Booking Holdings : "Here's my problem: that group has become very crowded all of a sudden. We just had another good company report this week. I have liked that company historically, but now there's way too much pricing pressure. Sell, sell, sell. Don't want it."
Petmed Express : "Nope, nope, nope, nope, nope. You know that when we go down the pet food [path], we go to Idexx Labs , which has been our favorite now for 100 points."
Xerox Corp. : "Sell Xerox. Because I listen to my partner David Faber every single morning and that thing is, well, let's just say the house of pain."
Daseke, Inc. : "I am familiar with their work and that's why I'm going to send you to XPO Logistics ."
Diamondback Energy : "I thought FANG [Diamondback's ticker symbol] was good. People didn't like the conference call. I thought the conference call was OK. I think I would use this decline to buy, buy, buy some FANG. Remember, oil is up on a spike, but I think it's OK."
Illinois Tool Works : "I've been telling club members [that] you don't have to worry. This thing is good. They had one division that was weak. As we explained it to ActionAlerts, it was just the auto and I think that they're better than that. You shouldn't be a seller. We bought some lower that we had sold higher and I want to stick with that view."
Portola Pharmaceuticals : "I think the news is already in the story. It's kind of done and I would rather hold out for something else better."
STMicroelectronics : "No [for the internet of things]. No. If we're going to be in the internet of things, honestly, we're going to go to Cisco ahead of the quarter that they report next week . I think it's going to be very good."
Watch the full lightning round here: show chapters Cramer's lightning round: Sell Priceline parent on pricing pressure 21 Hours Ago | 05:25 | Cramer's lightning round: Sell Priceline parent on pricing pressure | [
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Italy’s political crisis is reviving a familiar question for global investors and policymakers: what would it cost to exit the euro currency union? Research conducted in the years since the last European debt crisis suggests that the economic and legal costs would be “severe,” potentially outweighing the hoped-for benefits. A move on Sunday by Italian U.S.-China Trade Talks Teeter on the Edge—Energy Journal Next Stocks to Watch: Morgan Stanley, HP, Salesforce, Amazon, Tesla, Analog Devices, Michael Kors | The ‘Severe’ Costs of Leaving Euro | [
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SAN DIEGO, May 10, 2018 /PRNewswire/ --
On May 10, 2018, Entest Group, Inc. (OTC: ETNI) declared the distribution on a pro rata basis as a dividend in kind of 3,000,000 of the common shares of Zander Therapeutics, Inc., par value $0.0001, currently owned by Entest Group, Inc. to:
(a) Holders of record of the outstanding common shares of ETNI as of the record date, which is May 30, 2018.
(b) Holders of record of the shares of any outstanding series of the preferred shares of ETNI as of the record date, which is May 30, 2018.
Shareholders of ETNI shall receive one (1) common share of Zander Therapeutics, Inc. for each 17 common and/or preferred shares of ETNI held as of the record date. The distribution of the 3,000,000 common shares of Zander Therapeutics, Inc. to the common and preferred shareholders of ETNI will occur on June 11, 2018 ("Distribution Date"). No fractional shares will be distributed. Where the distribution to the shareholder would result in a fractional share, that distribution will be rounded down to the nearest whole share amount.
About Zander Therapeutics Inc. and Entest Group Inc.:
Zander Therapeutics is a subsidiary of Entest Group Inc. (OTCPINK: ETNI), a publicly traded biotechnology company focused on veterinary medicine. The Company seeks to develop small molecule and immune stimulating therapies for veterinary applications.
Currently, the Company's major interest is in developing small molecule therapies for treating cancer and autoimmune diseases in animals, which include arthritis.
Zander Therapeutics Inc. is the exclusive licensee for veterinary applications of Regen BioPharma Inc.'s (OTCQB: RGBP) (OTCQB: RGBPP) intellectual property and technology relating to NR2F6. NR2F6 is a molecular switch known as an "orphan nuclear receptor," which controls genes associated with the immune response. Zander Therapeutics is solely focused on veterinary applications.
Disclaimer : This news announcement may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Contact Information:
Zander Therapeutics, Inc.
David R. Koos, Ph.D.
Chairman & Chief Executive Officer
+1-619-702-1404 Phone
+1-619-330-2328 Fax
[email protected]
http://www.zandertherapeutics.com
SOURCE Entest Group, Inc. | Entest Group, Inc. Declares Property Dividend of 3,000,000 Common Shares of Zander Therapeutics Inc. | [
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TransMontaigne will expand its Brownsville, Texas operations, supported by the execution of long-term, fee-based terminaling and pipeline agreements for new storage and additional pipeline capacity Net earnings for the first quarter of 2018 totaled $12.2 million, compared to $13.0 million in the prior year first quarter, which includes increases in depreciation and amortization and interest expense Achieved record levels of both revenue and EBITDA for the first quarter 2018 Consolidated EBITDA for the first quarter of 2018 totaled $32.9 million, compared to $27.3 million in the prior year first quarter Distributable cash flow for the first quarter of 2018 totaled $23.0 million, compared to $23.5 million in the prior year first quarter Distribution coverage for first quarter 2018 was 1.39x; leverage as of March 31, 2018 was 4.35x on an as-adjusted basis for the acquisition of the West Coast terminal facilities Increased the quarterly cash distribution for the tenth consecutive quarter to $0.785, reflecting an 8.3% increase over prior year quarterly distribution
DENVER--(BUSINESS WIRE)-- TransMontaigne Partners L.P. (NYSE:TLP) (the Partnership, we, us, our) today announced first quarter 2018 financial and operating results.
“Our business continued to perform extremely well during the first quarter, achieving record levels of both revenue and EBITDA,” said Fred Boutin, Chief Executive Officer of TransMontaigne Partners. “Our sequential growth during the first quarter was driven by the continued geographic and organic expansion of our platform, including our recent West Coast terminal acquisition, the completion of our Collins terminal Phase I expansion and successful contracting efforts across our terminal portfolio. Our organic and acquisition expansion initiatives have resulted in a more diverse platform with greater scale, driving continued growth opportunities for the Partnership, including our ability to deliver our tenth consecutive quarter of distribution growth.”
“Today, I am excited to announce the entry into long-term customer contracts supporting new growth projects in Brownsville,” continued Mr. Boutin. “These projects involve construction of new tankage and related facilities and the conversion of our Diamondback Pipelines from propane service to gasoline and diesel. These are in addition to our recently announced growth projects of 870,000 barrels of new storage capacity at Collins and 125,000 barrels of new storage capacity at our recently acquired Richmond terminal. We remain committed to additional growth in our business over the long-term, and continue to execute on our expansion plans, including growth through asset optimization, organic expansions and potential acquisitions.”
FINANCIAL RESULTS
Revenue for the first quarter of 2018 totaled $56.4 million, an increase of $11.5 million, or approximately 26%, compared to $44.9 million for the first quarter of 2017. Consolidated EBITDA totaled $32.9 million for the first quarter of 2018, representing an increase of $5.6 million, or approximately 21%, compared to $27.3 million for the first quarter of 2017. The improvement compared to the prior year was primarily attributed to the acquisition of the West Coast terminals on December 15, 2017 and our Collins Phase I terminal expansion coming fully on-line in June 2017.
An overview of our financial performance for the quarter ended March 31, 2018 compared to the quarter ended March 31, 2017, includes:
Operating income for the quarter ended March 31, 2018 was approximately $19.1 million compared to $15.4 million for the quarter ended March 31, 2017. Changes in the primary components of operating income are as follows: Revenue increased approximately $11.5 million to $56.4 million due to our December 15, 2017 acquisition of the West Coast terminals adding approximately $9.5 million to revenue. In addition there were increases in revenue at our River and Southeast terminals of approximately $0.1 million and $3.1 million, respectively, partially offset by decreases in revenue at our Brownsville terminals of approximately $1.1 million. Revenue for the Gulf Coast and Midwest terminals were consistent. Direct operating costs and expenses increased approximately $3.6 million to $20.1 million due to our acquisition of the West Coast terminals adding approximately $3.1 million to expense. In addition there were increases in direct operating costs and expenses at our Gulf Coast, River and the Southeast terminals of approximately $0.3 million, $0.2 million, and $0.9 million, respectively, partially offset by decreases in our Brownsville terminals of approximately $0.8 million. Direct operating costs and expenses for the Midwest terminals was consistent. General and administrative expenses increased approximately $1.0 million to $5.0 million. Insurance expenses increased approximately $0.2 million to $1.2 million. Equity-based compensation expense increased approximately $0.2 million to $2.0 million. Depreciation and amortization expenses increased approximately $3.1 million to $11.8 million. Earnings from unconsolidated affiliates increased approximately $0.3 million to $2.9 million. Net earnings were $12.2 million for the quarter ended March 31, 2018 compared to $13.0 million for the quarter ended March 31, 2017. The decrease was principally due to the net increases in quarterly operating income discussed above, more than offset by an increase in interest expense of approximately $4.3 million. The increase in interest expense is attributable to financing the acquisition of the West Coast terminals, the issuance of senior notes and increases in LIBOR rates. Quarterly net earnings per limited partner unit was $0.52 per unit for the quarter ended March 31, 2018 compared to $0.62 per unit for the quarter ended March 31, 2017. Consolidated EBITDA for the quarter ended March 31, 2018 was $32.9 million compared to $27.3 million for the quarter ended March 31, 2017. Distributable cash flow for the quarter ended March 31, 2018 was $23.0 million compared to $23.5 million for the quarter ended March 31, 2017. The distribution declared per limited partner unit was $0.785 per unit for the quarter ended March 31, 2018 compared to $0.725 per unit for the quarter ended March 31, 2017. We paid aggregate distributions of $16.6 million for the quarter ended March 31, 2018, resulting in a quarterly distribution coverage ratio of 1.39x.
RECENT DEVELOPMENTS
Expansion of our Brownsville operations. In the first quarter, we entered into terminaling services agreements with third parties for the construction by either the Partnership, or Frontera, of new facilities in Brownsville for the storage of gasoline, diesel and additives for further transportation by truck and the Diamondback Pipeline to the U.S./Mexico border. The Diamondback pipeline consists of an 8” pipeline that previously transported propane approximately 16 miles from our Brownsville, Texas facilities to the U.S./Mexico border and a 6” pipeline, which runs parallel to the 8” pipeline that has been idle and can be used to transport additional refined products. We expect the first tanks of the additional storage capacity under construction to be completed and placed into commercial service by the end of 2018. We expect to recommission the Diamondback pipeline and resume operations by the end of 2019, with the additional storage capacity being completed and placed into commercial service at the same time.
Due to rights of first refusal held by our Frontera joint venture, it is uncertain at this time whether our Brownsville terminaling expansion efforts will be constructed and owned by the Partnership or Frontera. The anticipated aggregate cost of the above terminaling and pipeline expansion projects is estimated to be approximately $60 million.
Expansion of our Collins bulk storage terminal. Our Collins/Purvis, Mississippi terminal complex is strategically located for the bulk storage market and is the only independent terminal capable of receiving from, delivering to, and transferring refined petroleum products between the Colonial and Plantation pipeline systems. We previously entered into long-term terminaling services agreements with various customers for approximately 2 million barrels of new tank capacity at our Collins terminal. The revenue associated with these agreements came on-line upon completion of the construction of the new tank capacity at various stages beginning in the fourth quarter of 2016 through the second quarter of 2017. The aggregate cost of the approximately 2 million barrels of new tank capacity was approximately $75 million. With the completion of our Phase I expansion, our Collins/Purvis terminal complex has current active storage capacity of approximately 5.4 million barrels.
In addition to the Phase I expansion at our Collins terminal, in the second half of 2017 we obtained an air permit for an additional 5 million barrels of capacity for a Phase II buildout. We have started the design and buildout of 870,000 barrels of new storage capacity supported by a new long-term, terminaling services agreement, which constitutes the beginning of a Phase II buildout. To facilitate our further expansion of Collins, we also entered into an agreement with Colonial Pipeline Company for significant improvements to the Colonial Pipeline receipt and delivery manifolds and our related receipt and delivery facilities. The improvements will result in significant increased flexibility for our Collins customers. The anticipated cost of the approximately 870,000 barrels of new storage capacity and our share of the improvements to the pipeline connections is approximately $55 million. We are currently in active discussions with several other existing and prospective customers regarding additional future capacity at our Collins terminal. We expect the first of the new tanks and the Colonial Pipeline Company improvements to come online in the first quarter of 2019.
Expansion of our West Coast terminals. On December 15, 2017, we acquired the West Coast terminals from a third party for a total purchase price of approximately $276.8 million. The West Coast terminals are two waterborne refined product and crude oil terminals located in the San Francisco Bay Area refining complex with a total of 64 storage tanks with approximately 5 million barrels of active storage capacity. The West Coast terminals have access to domestic and international crude oil and refined products markets through marine, pipeline, truck and rail logistics capabilities.
Pursuant to a new long-term terminaling services agreement, we have begun the construction of an additional 125,000 barrels of storage capacity at our Richmond West Coast terminal. The cost of constructing this new capacity is expected to be about $8 million. We are also pursuing other high-return investment opportunities similar to this at these terminals. We expect the first of the new tanks to come online in the fourth quarter of 2018.
Public offering of senior notes. On February 12, 2018, we completed the sale of $300 million of 6.125% senior notes, issued at par and due 2026. The senior notes were guaranteed on a senior unsecured basis by each of our wholly owned subsidiaries that guarantee obligations under our revolving credit facility. Net proceeds were used primarily to repay indebtedness under our revolving credit facility.
Third Amended and Restated Omnibus Agreement. Since the inception of the Partnership in 2005 we have been party to an omnibus agreement with the owner of our general partner, which agreement has been amended and restated from time to time. The omnibus agreement provides for the provision of various services for our benefit. The fees payable under the omnibus agreement to the owner of our general partner are comprised of (i) the reimbursement of the direct operating costs and expenses, such as salaries and benefits of operational personnel performing services on site at our terminals and pipelines, which we refer to as on-site employees, (ii) bonus awards to key personnel who perform services for the Partnership, which are typically paid in the Partnership’s units and are subject to the approval by the compensation committee and the conflicts committee of our general partner, and (iii) the administrative fee for the provision of various general and administrative services for the Partnership’s benefit such as legal, accounting, treasury, insurance administration and claims processing, information technology, human resources, credit, payroll, taxes, engineering, environmental safety and occupational health (ESOH) and other corporate services, to the extent such services are not outsourced by the Partnership.
In accordance with the Second Amended and Restated Omnibus Agreement and the prior versions thereto, if we acquire or construct additional facilities, the owner of our general partner may propose a revised administrative fee covering the provision of services for such additional facilities, subject to the approval by the conflicts committee of our general partner. In connection with our previously discussed Phase II expansion activity at our Collins terminal, the expansion of the Brownsville terminal and pipeline operations and the December 2017 acquisition of the West Coast facilities, on May 7, 2018, the Partnership, with the concurrence of the conflicts committee of our general partner, agreed to an annual increase in the aggregate fees payable to the owner of the general partner under the omnibus agreement of $3.6 million beginning May 13, 2018.
To effectuate this $3.6 million annual increase in the aggregate fees payable to the owner of the general partner, on May 7, 2018 the Partnership, with the concurrence of the conflicts committee of our general partner, entered into the Third Amended and Restated Omnibus Agreement. The effect of the change to the omnibus agreement is to allow the Partnership to assume the costs and expenses of personnel performing engineering and ESOH services for and on behalf of the Partnership and to receive an equal and offsetting decrease in the administrative fee. These costs and expenses are expected to approximate $8.9 million in 2018. We expect that a significant portion of the assumed engineering costs will be capitalized under generally accepted accounting principles.
Prior to the $3.6 million annual increase and the effective date of the Third Amended and Restated Omnibus Agreement, the annual administrative fee was approximately $13.7 million and included the costs and expenses of the personnel performing engineering and ESOH services. Subsequent to the $3.6 million annual increase and the effective date of the Third Amended and Restated Omnibus Agreement, the annual administrative fee will be approximately $8.4 million and the Partnership will bear the approximately $8.9 million costs and expenses of the personnel performing engineering and ESOH services for and on behalf of the Partnership.
The administrative fee under the Third Amended and Restated Omnibus Agreement is subject to an increase each calendar year tied to an increase in the consumer price index, if any, plus two percent. If we acquire or construct additional facilities, the owner of our general partner may propose a revised administrative fee covering the provision of services for such additional facilities, subject to approval by the conflicts committee of our general partner.
We do not directly employ any of the persons responsible for managing our business. We are managed by our general partner, and all of the officers of our general partner and employees who provide services to the Partnership are employed by TLP Management Services, a wholly owned subsidiary of ArcLight. TLP Management Services provides payroll and maintains all employee benefits programs on behalf of our general partner and the Partnership pursuant to the omnibus agreement. The omnibus agreement will continue in effect until the earlier of (i) ArcLight ceasing to control our general partner or (ii) the election of either us or the owner, following at least 24 months’ prior written notice to the other parties.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2018, our total long-term debt was $582.4 million, which included $290.2 million of outstanding borrowings on our $850 million revolving credit facility. For the trailing twelve months, on an as-adjusted basis for our acquisition of the West Coast terminals, our Consolidated EBITDA was $134.0 million, resulting in a debt to Consolidated EBITDA ratio of 4.35x. Consolidated EBITDA is a non-GAAP financial performance measure used in the calculation of the leverage ratio requirement under our revolving credit facility. See Attachment B hereto for a reconciliation of Consolidated EBITDA to net earnings. See also Attachment C hereto for a table showing the calculation of our total leverage ratio and interest coverage ratio and a reconciliation of Consolidated EBITDA to Cash flows provided by operating activities.
For the first quarter of 2018, we reported $6.5 million in total capital expenditures. As of March 31, 2018, remaining expenditures for approved expansion projects are estimated to be approximately $120 million, assuming our Frontera joint venture does not exercise its rights of first refusal related to our Brownsville terminaling expansion efforts. Approved expenditures include the construction costs associated with the expansion at our Collins, Brownsville and West Coast terminals, as further discussed above.
QUARTERLY DISTRIBUTION
The Partnership previously announced that it declared a distribution of $0.785 per unit for the period from January 1, 2018 through March 31, 2018. This $0.015 increase over the previous quarter reflects the tenth consecutive increase in the quarterly distribution and represents annual growth of 8.3% over the prior year first quarter distribution. This distribution was paid on May 8, 2018 to unitholders of record on April 30, 2018.
CONFERENCE CALL
On Wednesday, May 9, 2018, the Partnership will hold a conference call for analysts and investors at 12:00 p.m. Eastern Time to discuss our first quarter results. Hosting the call will be Fred Boutin, Chief Executive Officer, and Rob Fuller, Chief Financial Officer. The call can be accessed live over the telephone by dialing (877) 407-4018, or for international callers (201) 689-8471. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers (412) 317-6671. The passcode for the replay is 13679778. The replay will be available until May 23, 2018.
Interested parties may also listen to a simultaneous webcast of the conference call by logging onto TLP’s website at www.transmontaignepartners.com under the Investor Information section. A replay of the webcast will also be available until May 23, 2018.
ABOUT TRANSMONTAIGNE PARTNERS L.P.
TransMontaigne Partners L.P. is a terminaling and transportation company based in Denver, Colorado with operations in the United States along the Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the Mississippi and Ohio Rivers, in the Southeast and on the West Coast. We provide integrated terminaling, storage, transportation and related services for customers engaged in the distribution and marketing of light refined petroleum products, heavy refined petroleum products, crude oil, chemicals, fertilizers and other liquid products. Light refined products include gasolines, diesel fuels, heating oil and jet fuels, and heavy refined products include residual fuel oils and asphalt. We do not purchase or market products that we handle or transport. News and additional information about TransMontaigne Partners L.P. is available on our website: www.transmontaignepartners.com .
FORWARD-LOOKING STATEMENTS
This press release includes statements that may constitute forward looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Although the company believes that the expectations reflected in such forward looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Among the key risk factors that could negatively impact our assumptions on future growth prospects and acquisitions include, without limitation, (i) our ability to identify suitable growth projects or acquisitions; (ii) our ability to complete identified projects timely and at expected costs, (iii) competition for acquisition opportunities, and (iv) the successful integration and performance of acquired assets or businesses and the risks of operating assets or businesses that are distinct from our historical operations. Key risk factors associated with the West Coast terminals include, without limitation: (i) the successful integration and performance of the acquired assets, (ii) adverse changes in general economic or market conditions, and (iii) competitive factors such as pricing pressures and the entry of new competitors. Key risk factors associated with the Collins and Brownsville terminal and pipeline expansions and related improvements include, without limitation: (i) the ability to complete construction of the project on time and at expected costs; (ii) the ability to obtain required permits and other approvals on a timely basis; (iii) the occurrence of operational hazards, weather related events or unforeseen interruption; and (iv) the failure of our customers or vendors to satisfy or continue contractual obligations. Additional important factors that could cause actual results to differ materially from the Partnership’s expectations and may adversely affect its business and results of operations are disclosed in "Item 1A. Risk Factors" in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 15, 2018. The forward looking statements speak only as of the date made, and, other than as may be required by law, the Partnership undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
ATTACHMENT A
SELECTED FINANCIAL INFORMATION AND RESULTS OF OPERATIONS
Our terminaling services agreements are structured as either throughput agreements or storage agreements. Our throughput agreements contain provisions that require our customers to make minimum payments, which are based on contractually established minimum volumes of throughput of the customer’s product at our facilities over a stipulated period of time. Due to this minimum payment arrangement, we recognize a fixed amount of revenue from the customer over a certain period of time, even if the customer throughputs less than the minimum volume of product during that period. In addition, if a customer throughputs a volume of product exceeding the minimum volume, we would recognize additional revenue on this incremental volume. Our storage agreements require our customers to make minimum payments based on the volume of storage capacity available to the customer under the agreement, which results in a fixed amount of recognized revenue.
We refer to the fixed amount of revenue recognized pursuant to our terminaling services agreements as being “firm commitments.” Revenue recognized in excess of firm commitments and revenue recognized based solely on the volume of product distributed or injected are referred to as “ancillary.” In addition “ancillary” revenue also includes fees received from ancillary services including heating and mixing of stored products, product transfer, railcar handling, butane blending, proceeds from the sale of product gains, wharfage and vapor recovery.
The “firm commitments” and “ancillary” revenue included in terminaling services fees were as follows (in thousands):
Three months ended March 31, 2018 2017 Terminaling services fees: Firm commitments $ 42,133 $ 32,064 Ancillary 11,058 8,680 Total terminaling services fees 53,191 40,744 Pipeline transportation fees 869 1,716 Management fees 2,384 2,390 Total revenue $ 56,444 $ 44,850 The amount of revenue recognized as “firm commitments” based on the remaining contractual term of the terminaling services agreements that generated “firm commitments” for the three months ended March 31, 2018 was as follows (in thousands):
Remaining terms on terminaling services agreements that generated “firm commitments”: Less than 1 year remaining $ 6,901 16% 1 year or more, but less than 3 years remaining 13,787 33% 3 years or more, but less than 5 years remaining 19,133 45% 5 years or more remaining 2,312 6% Total firm commitments for the three months ended March 31, 2018 $ 42,133 The following selected financial information is extracted from our quarterly report on Form 10-Q for the quarter ended March 31, 2018, which was filed on May 9, 2018 with the Securities and Exchange Commission (in thousands, except per unit amounts):
Three months ended March 31, 2018 2017 Income Statement Data
Revenue $ 56,444 $ 44,850 Direct operating costs and expenses (20,145 ) (16,511 ) General and administrative expenses (4,981 ) (3,971 ) Earnings from unconsolidated affiliates 2,889 2,560 Operating income 19,136 15,400 Net earnings 12,174 12,954 Net earnings allocable to limited partners 8,408 10,111 Net earnings per limited partner unit—basic $ 0.52 $ 0.62 March 31, December 31, 2018 2017 Balance Sheet Data
Property, plant and equipment, net $ 650,037 $ 655,053 Investments in unconsolidated affiliates 234,030 233,181 Goodwill 9,428 9,428 Customer relationships, net 46,389 47,136 Total assets 975,618 987,003 Long-term debt 582,377 593,200 Partners’ equity 362,022 364,217 Selected results of operations data for each of the quarters in the years ended December 31, 2018 and 2017 are summarized below (in thousands):
Three months ended Year ending March 31, June 30, September 30, December 31, December 31, 2018 2018 2018 2018 2018 Revenue $ 56,444 $ — $ — $ — $ 56,444 Direct operating costs and expenses (20,145 ) — — — (20,145 ) General and administrative expenses (4,981 ) — — — (4,981 ) Insurance expenses (1,246 ) — — — (1,246 ) Equity-based compensation expense (2,017 ) — — — (2,017 ) Depreciation and amortization (11,808 ) — — — (11,808 ) Earnings from unconsolidated affiliates 2,889 — — — 2,889 Operating income 19,136 — — — 19,136 Interest expense (6,461 ) — — — (6,461 ) Amortization of deferred issuance costs (501 ) — — — (501 ) Net earnings $ 12,174 $ — $ — $ — $ 12,174 Three months ended Year ending March 31, June 30, September 30, December 31, December 31, 2017 2017 2017 2017 2017 Revenue $ 44,850 $ 45,364 $ 45,449 $ 47,609 $ 183,272 Direct operating costs and expenses (16,511 ) (15,984 ) (17,719 ) (17,486 ) (67,700 ) General and administrative expenses (3,971 ) (4,080 ) (5,247 ) (6,135 ) (19,433 ) Insurance expenses (1,006 ) (1,002 ) (999 ) (1,057 ) (4,064 ) Equity-based compensation expense (1,817 ) (352 ) (544 ) (286 ) (2,999 ) Depreciation and amortization (8,705 ) (8,792 ) (8,882 ) (9,581 ) (35,960 ) Earnings from unconsolidated affiliates 2,560 2,120 1,884 507 7,071 Operating income 15,400 17,274 13,942 13,571 60,187 Interest expense (2,152 ) (2,525 ) (2,656 ) (3,140 ) (10,473 ) Amortization of deferred issuance costs (294 ) (271 ) (320 ) (336 ) (1,221 ) Net earnings $ 12,954 $ 14,478 $ 10,966 $ 10,095 $ 48,493 ATTACHMENT B
DISTRIBUTABLE CASH FLOW
The following summarizes our distributable cash flow for the period indicated (in thousands):
January 1, 2018 through March 31, 2018 Net earnings $ 12,174 Depreciation and amortization 11,808 Earnings from unconsolidated affiliates (2,889 ) Distributions from unconsolidated affiliates 3,190 Equity-based compensation expense 2,017 Settlement of tax withholdings on equity-based compensation (341 ) Interest expense 6,461 Amortization of deferred issuance costs 501 Consolidated EBITDA (1) (2) 32,921 Interest expense (6,461 ) Unrealized loss on derivative instruments 42 Amortization of deferred issuance costs (501 ) Amounts due under long-term terminaling services agreements, net 28 Project amortization of deferred revenue under GAAP (187
) Project amortization of deferred revenue for DCF 582
Capitalized maintenance (3,389 ) “Distributable cash flow”, or DCF, generated during the period (2) $ 23,035 Actual distribution for the period on all common units and the general partner interest including incentive distribution rights $ 16,571 Distribution coverage ratio (2) 1.39x (1) Reflects the calculation of Consolidated EBITDA in accordance with the definition for such financial metric in our revolving credit facility. (2) Distributable cash flow, the distribution coverage ratio and Consolidated EBITDA are not computations based upon generally accepted accounting principles. The amounts included in the computations of our distributable cash flow and Consolidated EBITDA are derived from amounts separately presented in our consolidated financial statements, notes thereto and “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations” in our quarterly report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the Securities and Exchange Commission on May 9, 2018. Distributable cash flow and Consolidated EBITDA should not be considered in isolation or as an alternative to net earnings or operating income, as an indication of our operating performance, or as an alternative to cash flows from operating activities as a measure of liquidity. Distributable cash flow and Consolidated EBITDA are not necessarily comparable to similarly titled measures of other companies. Distributable cash flow and Consolidated EBITDA are presented here because they are widely accepted financial indicators used to compare partnership performance. Further, Consolidated EBITDA is calculated consistent with the provisions of our credit facility and is a financial performance measure used in the calculation of our leverage and interest coverage ratio requirements. We believe that these measures provide investors an enhanced perspective of the operating performance of our assets, the cash we are generating and our ability to make distributions to our unitholders and our general partner. ATTACHMENT C
CREDIT FACILITY FINANCIAL COVENANTS
The primary financial covenants contained in our revolving credit facility are (i) a total leverage ratio test (not to exceed 5.25 to 1.0), (ii) a senior secured leverage ratio test (not to exceed 3.75 to 1.0), and (iii) a minimum interest coverage ratio test (not less than 2.75 to 1.0). These financial covenants are based on a non-GAAP, defined financial performance measure within our revolving credit facility known as “Consolidated EBITDA.” The following provides the calculation of “total leverage ratio”, “senior secured leverage ratio” and “interest coverage ratio” as such terms are used in our revolving credit facility for certain financial covenants (in thousands, except ratios):
Twelve months Three months ended ended June 30, September 30, December 31, March 31, March 31, 2017 2017 2017 2018 2018 Financial performance covenant tests: Consolidated EBITDA (1) $ 28,819 $ 25,381 $ 26,963 $ 32,921 $ 114,084 Permitted acquisition credit (2) 7,000 7,000 5,900 — 19,900 Consolidated EBITDA for the leverage ratios (1) $ 35,819 $ 32,381 $ 32,863 $ 32,921 $ 133,984 Revolving credit facility debt 290,200 6.125% senior notes due in 2026 300,000 Senior notes unamortized deferred issuance costs (7,823 ) Consolidated funded indebtedness $ 582,377 Senior secured leverage ratio 2.17 x Total leverage ratio 4.35 x Consolidated EBITDA for the interest coverage ratio (1) $ 28,819 $ 25,381 $ 26,963 $ 32,921 $ 114,084 Consolidated interest expense (1) (3) $ 2,487 $ 2,591 $ 3,217 $ 6,419 $ 14,714 Interest coverage ratio 7.75 x Reconciliation of consolidated EBITDA to cash flows provided by operating activities: Consolidated EBITDA for the total leverage ratio (1) $ 35,819 $ 32,381 $ 32,863 $ 32,921 $ 133,984 Permitted acquisition credit (2) (7,000 ) (7,000 ) (5,900 ) — (19,900 ) Interest expense (2,525 ) (2,656 ) (3,140 ) (6,461 ) (14,782 ) Unrealized loss (gain) on derivative instruments 38 65 (77 ) 42 68 Amortization of deferred revenue 10 (170 ) (122 ) (187 ) (469 ) Settlement of tax withholdings on equity-based compensation 25 304 — 341 670 Change in operating assets and liabilities (342 ) 4,477 (3,709 ) (2,262 ) (1,836 ) Cash flows provided by operating activities $ 26,025 $ 27,401 $ 19,915 $ 24,394 $ 97,735 (1) Reflects the calculation of Consolidated EBITDA and Consolidated interest expense in accordance with the definition for such financial metrics in our revolving credit facility. (2) Reflects a proforma credit of $7.0 million per quarter relating to the acquisition of the West Coast terminals, which qualified as a “Permitted Acquisition” under the terms of our revolving credit facility. For the three months ended December 31, 2017, such $7.0 million credit was reduced by approximately $1.1 million, which is the amount of actual Consolidated EBITDA we recognized during the period relating to the West Coast terminals following the acquisition on December 15, 2017. (3) Consolidated interest expense, used in the calculation of the interest coverage ratio, excludes unrealized gains and losses recognized on our derivative instruments.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005709/en/
TransMontaigne Partners L.P.
Frederick W. Boutin, (303) 626-8200
Chief Executive Officer
or
Robert T. Fuller, (303) 626-8200
Chief Financial Officer
Source: TransMontaigne Partners L.P. | TransMontaigne Announces First Quarter Results and Expansion | [
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YEKATERINBURG/MOSCOW (Reuters) - Yevgeny Roizman, a rare critic of the Kremlin in a senior regional job in Russia, said on Tuesday he was resigning as mayor of Yekaterinburg after authorities moved to scrap mayoral elections in the soccer World Cup host city.
FILE PHOTO: Mayor of Yekaterinburg Yevgeny Roizman attends opening ceremony of the City Day celebrations in Yekaterinburg, Russia, August 19, 2017. REUTERS/Maxim Shemetov Lawmakers voted last month to abolish direct mayoral elections in the city 1,500 km (900 miles) east of Moscow, proposing instead that mayors be chosen by local lawmakers from a shortlist drawn up by a special commission.
“I don’t want be part of this and I am resigning,” Roizman told lawmakers in the local legislature.
Roizman, a charismatic opposition politician who narrowly beat a Kremlin-backed candidate in the mayoral race in 2013, had been due as chairman of the legislature to put the scrapping of elections to lawmakers for a final vote on Tuesday.
Instead, he told lawmakers he refused to “legitimize someone else’s decision” and pronounced the session closed, video of his speech shared online showed.
Roizman has been a vocal critic of President Vladimir Putin and the pro-Kremlin governor of the Sverdlovsk region, in which Yekaterinburg lies.
As mayor, Roizman has regularly attended demonstrations organized by opposition leader Alexei Navalny who was barred from running in a March presidential election, when Putin won a fresh six-year term.
Leonid Volkov, an opposition politician from Yekaterinburg, said Roizman’s resignation had obstructed the passage of the election legislation, but that it was unlikely to stop direct elections being scrapped eventually.
“This political act and civic deed will, however, remain in history,” Volkov wrote on social media.
The idea of scrapping direct elections was proposed by Sverdlovsk region governor Yevgeny Kuivashev. His allies had argued that doing away with elections would save money and streamline decision-making.
Last month just under 2,000 people demonstrated against the proposal, demanding direct elections be kept and that the governor resign.
Yekaterinburg, a city of 1.4 million in the industrial belt of the Ural Mountains, is hosting Egypt and Uruguay in their first round matches at the soccer World Cup next month.
Roizman was one of a handful of Kremlin critics who won mayoral posts following a series of big opposition demonstrations as Putin campaigned for office in 2012.
Another of these opposition politicians was Yevgeny Urlashov, who became mayor of Yaroslavl in 2012. He was arrested in 2013 and jailed for 12-1/2 years for corruption. Urlashov said he had been framed.
Writing by Tom Balmforth; Editing by Gareth Jones
| Rebel Russian mayor resigns over move to scrap elections | [
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By Aaron Pressman April 30, 2018
Fitbit has teamed up with Google in an effort to get more deeply involved in the healthcare sector.
The fitness tracker maker announced on Monday that it would use Google’s recently announced health data standards for apps , known as the Google Healthcare API, to connect its wearable devices to the electronic medical records systems used by doctors and hospitals. The aim eventually is to allow doctors to get health data straight from Fitbits on their patients’ wrists.
Fitbit will also move to Google’s (googl) cloud data storage platform, much of which is already certified as complying with the federal Health Insurance Portability and Accountability Act, or HIPPA, which regulates the use of medical records. That could free Fitbit from having to build its own similar systems that comply with the law.
“Working with Google gives us an opportunity to transform how we scale our business, allowing us to reach more people around the world faster, while also enhancing the experience we offer to our users and the healthcare system,” Fitbit CEO James Park said in a statement. “This collaboration will accelerate the pace of innovation to define the next generation of healthcare and wearables.”
Get Data Sheet , Fortune’s technology newsletter.
Both companies have struggled somewhat in the wearables market lately . Fitbit was the market leader a few years ago when fitness trackers were all the rage but it has slipped as consumers have looked more to smartwatches from Apple , Samsung, and others to track their travels and run apps, too.
Plunging sales two years ago sent Fitbit’s shares into a tailspin—they’re down more than 70% from their 2015 initial public offering price—although it has unveiled a well-reviewed watch of its own called Versa. To turn things around, Fitbit has been shifting its focus from just weekend athletes to healthcare and in February acquired healthcare data service Twine , which helps connect people with chronic conditions like diabetes and hypertension with coaches and doctors.
Meanwhile, Google’s Android Wear software failed to catch on for several years and was recently renamed Wear OS. The company largely relied on other gadget makers to build smartwatches running its software, but as it did with phones, may have to step in and make its own products.
With both companies looking for a boost in wearables, the announcement of the new partnership also hinted at possible deeper product cooperation in the future. “Finally, Fitbit and Google are collaborating to bring together the strengths of both companies to innovate and transform the future of wearables,” the companies said in a statement, without mentioning any specifics.
Shares of Fitbit (fit) gained 5% on Monday to close at $5.55 on the news of the deal. SPONSORED FINANCIAL CONTENT | Fitbit and Google Strike Healthcare Data and Cloud Deal for Wearables | Fortune | [
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(For a live blog on European stocks, type LIVE/ in an Eikon news window)
LONDON, May 17 (Reuters) - European stocks pushed higher in early trading on Thursday as Italian stocks recovered some lost ground and commodities-related sectors rallied, while shares in Ocado rocketed after the company signed a partnership deal.
The pan-European STOXX 600 was up 0.1 percent by 0724 GMT, holding at 3-1/2 month highs as shares in energy stocks and miners rose, while Italy’s benchmark climbed more than 1 percent as markets awaited the result of talks between two anti-system parties to form a coalition government.
On Wednesday, Italian stocks had tumbled more than 2 percent after a leaked draft coalition programme indicated that the parties planned to ask the European Central Bank to forgive 250 billion euros ($296 billion) of Italian debt.
Britain’s FTSE 100 also pushed higher, shrugging off a rise in sterling following a report late on Wednesday that Britain will tell Brussels it is prepared to stay in the European Union’s customs union beyond 2021. A source at Prime Minister May’s office dismissed the report on Thursday.
While indexes were relatively subdued, there were some big movers among individual stocks. Shares in online supermarket Ocado surged nearly 40 percent to an all-time high after the company signed a deal with U.S. retailer Kroger Co to use Ocado’s technology for grocery deliveries in the world’s biggest market.
Earnings updates also spurred sizeable moves. Altice jumped more than 10 percent after its French unit showed the first signs of recovery in the first quarter, while French waste and water group Suez rose 3.4 percent after higher waste volumes boosted its first-quarter core earnings.
Shares in Maersk, broadcaster RTL and Royal Mail all fell between 3.9 and 9.5 percent after giving updates.
Shares in British bookmakers also came under pressure after the UK government cut the top stake on fixed-odds betting terminals to two pounds. William Hill, GVC and Paddy Power Betfair fell between 0.7 and 3.1 percent.
Reporting by Kit Rees; Editing by Kevin Liffey
| European shares rise as Italian stocks recover, Ocado soars | [
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EditorsNote: adds Wheeler and Laviolette Quote: s
Kyle Connor broke out of a goal-scoring slump in the playoffs with two second-period markers Saturday night as the Winnipeg Jets drove Nashville Predators goalie Pekka Rinne to cover for the second time in the series and took a 6-2 win at Bridgestone Arena in Nashville, Tenn.
The result gives Winnipeg a 3-2 lead in the best-of-seven Western Conference semifinal between the NHL’s top two regular-season teams. The Jets can advance to their first conference final if they win Game 6 at home Monday night.
Connor put Winnipeg ahead for good at 12:30 of the second period, just 82 seconds after Yannick Weber pushed the Predators into a tie with his first goal of the postseason. Connor, who led all rookies with 31 goals, roofed a rebound for his first tally in 10 playoff games.
Teammate Blake Wheeler said of Connor, “I’m so happy for him. A young player used to putting the puck in the net, and when it doesn’t happen right away, especially in your first taste of playoff action, it can be tough to stay with it, but his confidence hasn’t wavered a bit. He’s been chomping at the bit, and tonight was his turn.”
Dustin Byfuglien bombed a slapper from the point for a 3-1 lead at 14:35 of the middle period for his fourth playoff goal. Connor converted Blake Wheeler’s sweet feed into the slot to make it 4-1 at 17:01, stunning the sellout crowd.
Nashville responded with a short-handed goal from Ryan Johansen at 17:59 when he converted a two-on-one rush with a wrister that squirted in off goalie Connor Hellebuyck. That appeared to give the Predators some life going into the second intermission.
However, the Jets regained the momentum just 28 seconds into the third period. Connor’s backhand feed into the slot set up Mark Scheifele for his ninth playoff goal.
Mathieu Perreault sent Rinne to the bench with a power-play marker at 6:23 of the third period, his first goal of the postseason. Rinne finished with 20 saves on 26 shots, while backup Juuse Saros stopped all six shots he faced.
Hellebuyck earned the win with 38 saves, including 11 in a first period that saw Nashville carry play for the most part, producing four high-danger chances that were denied.
Winnipeg appeared to gain traction about five minutes into the second period, initiating the scoring when Patrik Laine’s blast from the left circle hit off Paul Stastny’s hand and found the net at 7:44.
From there, the Jets simply took off.
Predators coach Peter Laviolette said of having to win in Winnipeg on Monday to extend the series, “(My) group’s been built for a game like the one that’s coming up. I’ve got a tremendous amount of confidence. I believe in them. I know that they believe in each other. Winnipeg’s a good team. We’re going to have to go in there, we’re going to have to play well and we’re going to have to win a hockey game.”
—Field Level Media
| Jets move within one win of first conference final | [
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(Reuters) - Hawaii’s Big Island, where Kilauea volcano has been spewing lava into residential areas, was hit by a series of earthquakes on Friday which are getting stronger and stronger.
The Kilauea Volcano's Pu'u 'O'o crater is seen in this aerial image after the volcano erupted following a series of earthquakes over the last couple of days, in Hawaii, U.S., May 3, 2018. Picture taken May 3, 2018. USGS/Handout via REUTERS The U.S. Geological Survey said the latest tremor at 12:32 p.m. measured 6.0, a strong magnitude capable of causing severe damage.
Its epicenter was located 11 miles (17.7 km) southwest of Leilani Estates, one of the communities where lava has been flowing into residential areas.
Reporting by Sandra Maler in Washington; Editing by James Dalgleish
| Magnitude 5.7 quake hits Hawaii's Big Island where volcano erupting: USGS | [
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Electric carmaker Tesla said on Tuesday it had hired Snapchat maker Snap's vice president of monetization engineering, Stuart Bowers, as vice president of engineering, to work on its Autopilot software and other projects.
Tesla has seen the departure of several senior executives and also is flattening its management structure as it aims to improve efficiency and clear up production bottlenecks related to its new Model 3 sedan.
Snap confirmed the move and said that Bowers had a passion for robotics and would be working on Tesla's semi-autonomous driving program, Autopilot. Tesla said he would work on that and other projects as well.
Bowers' job at Snap, monetization engineering, involved the social media company's advertising system.
Website Cheddar first reported the move. | Tesla hires a Snap exec as its engineering vice president | [
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May 21, 2018 / 2:50 PM / Updated 25 minutes ago Tesla shares hit by Consumer Reports criticism Vibhuti Sharma 2 Min Read
(Reuters) - U.S. consumer bible Consumer Reports stopped short of recommending Tesla Inc’s ( TSLA.O ) Model 3 electric car on Monday, criticizing it for its braking and taking the shine off a day of gains for shares in billionaire Elon Musk’s venture. The Tesla Model 3 is displayed during a media preview of the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Damir Sagolj
Musk had driven shares in the electric carmaker higher with a weekend twitter discussion which argued the company should focus more initially on delivering higher-priced fully-loaded editions of the Model 3 sedan.
That car is seen as crucial to Tesla’s profitability at a time when it is battling reports of crashes involving its vehicles, a shortage of cash and production problems.
Consumer Reports, however, declined to recommend the Model 3 and criticized it for having overly-long stopping distances and difficult-to-use controls.
Tesla shares were last up 2.5 percent at $283.90, having risen more than 4 percent after investors were encouraged by Musk’s $78,000 price tag for the fully-loaded version of the sedan.
Consumer Reports, whose scorecard is influential among consumers and industry executives, said even though its tests found plenty to like about the Model 3, it had “big flaws”.
Tesla’s stopping distance of 152 feet when braking at 60 mph was far worse than any contemporary car tested by the magazine and about seven feet longer than the stopping distance of a Ford ( F.N ) F-150 full-sized pickup.
Responding, a Tesla spokesperson said: “Tesla’s own testing has found braking distances with an average of 133 feet when conducting the 60-0 mph stops using the 18” Michelin all season tire and as low as 126 feet with all tires currently available.
“Unlike other vehicles, Tesla is uniquely positioned to address more corner cases over time through over-the-air software updates, and it continually does so to improve factors such as stopping distance.” Reporting by Vibhuti Sharma and Sonam Rai in Bengaluru; editing by Patrick Graham | Tesla shares hit by Consumer Reports criticism | [
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Reblog Major U.S. tech companies have yet to provide to the public all the details of Russian troll activity on their platforms despite their pledge to tackle the problem and pressure from some lawmakers, The Wall Street Journal has found. Six months after social-media firms agreed in congressional hearings to work with lawmakers investigating Russian efforts to interfere in U.S. politics, many specifics about the foreign interference operation remain undisclosed. , a former FBI counterterrorism agent who now tracks Russian propaganda. | [$$] Much Remains Unknown About Russian-Troll Accounts on Social-Media Giants | [
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